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Medical LLM developer Hippocratic AI gets $53M at $500 valuation

Illustration of a hand reaching out darkness towards a hand in a white lab coat reaching out of a computer

Illustration: Sarah Grillo/Axios

Hippocratic AI, backed by General Catalyst and Andreessen Horowitz, raised a $53 million Series A for its generative AI medical tools.

Why it matters: As a cadre of similar companies race to apply generative AI to medicine, Hippocratic stands out by raising $120 million in less than a year.

Zoom in: General Catalyst and Premji Invest led the round, which values the Palo Alto-based startup at $500 million.

  • SV Angel and Memorial Hermann Health System joined, as well as insiders Andreessen Horowitz, Cincinnati Children's, WellSpan Health and Universal Health Services.

Hippocratic also said it is working with NVIDIA to see whether the chipmaker's hardware might accelerate response times of its AI agents.

  • The partnership entails no financial commitment on either end, per the Financial Times.

How it works: Similar to efforts by others in the space, Hippocratic is focused on applying its AI agents to a range of low-risk medical tasks, such as post-discharge follow-ups, health surveys and assessments and pre-operative outreach.

  • In a non-peer-reviewed white paper, Hippocratic AI claims its tools "perform on par with human nurses on aggregate across dimensions such as medical safety, clinical readiness, patient education, conversational quality and bedside manner."

Flashback: Hippocratic's CEO, Munjal Shah, formerly ran troubled Medicare brokerage Health IQ (also backed by a16z), which filed for bankruptcy in August 2023.

State of play: Dozens of venture-backed health tech companies are applying generative AI to medical tasks. For example:

  • The Health Data Analytics Institute, a maker of clinical decision support software for health systems, last fall collected a $31 million Series C.
  • Memora Health, which automates routine patient questions and surfaces concerns requiring medical attention, last spring nabbed $30 million.
  • Layer Health, which applies LLMs to clinical notes to help researchers and providers with tasks like registry submissions and real-world evidence curation, last fall raised a $4 million seed.

Hippocratic AI did not immediately respond to a request for comment.

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