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Notable Systems, an automated document processing company, raised an $8.8 million Series A, CEO Steve Johnson tells Axios exclusively.

Why it matters: The risk of errors during manual data entry has driven funding to companies automating the process.

Zoom in: Grotech Ventures led the round, with participation from Colfax Corporation and private individual investors. 

How it works: Focused on the durable medical equipment industry, Notable's AI platform extracts data from medical and financial documents.

The tool can identify page types and categorize and index documents for processing.

It can process product orders, patient records, progress reports, physician notes and insurance claims.

"I am certain that we can take over the DME market within the next 12 months," Johnson says,

What's next: The long-term plan is to get into other markets, including health insurance.

Johnson says the company should be at breakeven by the end of the year.

 "Then we'll have a choice, whether to go raise more money and grow faster or just keep growing organically," he adds.

Notable is generating revenue and this funding gives it a runway into next year.

State of play: Companies using AI to reduce manual data entry and administrative tasks in health care have drawn venture funding recently.

Synthpop, a startup using large language models to automate administrative tasks for clinicians, raised a $5.6 million seed round in June.

Daffodil Health, which uses AI to automate health care pricing, raised a $4.6 million a seed round in May.

Alaffia, a health plan claim operations software and tech company, raised a $10 million Series A in April.

Exclusive: Notable Systems snags $8.8M for document processing

More accurate data entry has driven recent investments.

Illustration of a hundred-dollar bill in the shape of a manila folder.

Health tech deals

Notable Systems, an automated document processing company, raised an $8.8 million Series A, CEO Steve Johnson tells Axios exclusively.Why it matters: The risk of errors during manual data entry has driven funding to companies automating the process.

Exclusive: Notable Systems snags $8.8M for document processing

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