Exclusive: Health care operations enabler Fabric pays cash for AI helper Gyant
Health care operations enabler Fabric acquired AI-powered medical assistant Gyant, CEO Aniq Rahman tells Axios exclusively.
Why it matters: The deal is a marker of potential consolidation in the recently proliferating health tech enablement space, which spans medical assistants, hospital operations and patient triage tools.
Details: New York City-based Fabric acquired San Francisco-based Gyant in an all cash deal, Rahman says, declining to disclose financial specifics.
- Fabric — formerly known as Florence — is taking on Gyant's entire team, expanding its staff base to 130.
- Former Gyant CEO Stefan Behrens will become Fabric's chief strategy officer.
How it [will] work: Fabric has an existing product integration with Gyant via shared customers such as OSF Healthcare.
- Patients of that health system can start engaging with the combined company via Gyant's symptom checker chatbot and progress via a prompt to start a virtual care visit powered by Fabric at OSF, per Rahman.
What's next: Rahman foresees Fabric making future acquisitions to expand into new verticals, but declined to say when he thinks the company will raise a Series A.
What they're saying: "This whole digital front door or patient enablement category has hundreds of point solutions and health systems are fatigued," says Rahman. "We'd love to be that one partner that works end-to-end."
State of play: Health tech enablement startups promise streamlined simplicity, drawing continued investor and acquisition interest. Relevant deals include:
- Care enabler 98point6 earlier this month acquired telehealth company Bright.md's customers in a near 50-50 cash and equity split.
- Primary care software company Hint Health last April acquired health record company AeroDPC in a cash and equity deal.
- AI-powered revenue cycle service provider CodaMetrix last winter closed a $55 million Series A round.