Suki, a leading provider of AI-powered solutions for healthcare professionals, recently secured $70 million in funding to further develop its AI assistant technology and strengthen its partnerships with health systems. According to CEO and founder Punit Soni, the company is entering a new phase of growth, driven by the healthcare industry’s increasing interest in AI. This new investment will enable Suki to expand its capabilities, enhance its product offerings, and deepen collaborations with key partners, including MedStar Health, one of Suki’s long-term partners.
Suki also announced an expanded partnership with MedStar Health, a large health system with more than 300 care locations and a $7.7 billion annual budget. Through this agreement, Suki’s AI assistant will be rolled out in phases to MedStar Health’s clinicians across various specialties, including primary care, cardiology, and gastroenterology. This will be the largest implementation of generative AI in healthcare within the Maryland and Washington, D.C. regions. MedStar Health’s vice president of the Innovation Business Lab, Jeff Collins, emphasized that Suki has been a critical partner in improving clinical workflows and enhancing the clinician experience over the past four years.
Suki’s AI assistant is designed to reduce the time clinicians spend on administrative tasks by using generative AI to automate clinical documentation. It listens to patient-clinician conversations in real-time, transcribes them, and integrates the information into electronic health records (EHRs). The platform also supports dictation, coding, and retrieving relevant clinical data, streamlining documentation and allowing clinicians to focus more on patient care. According to the company, health systems using Suki have reported up to a 72% reduction in documentation time, improved documentation quality, and enhanced clinician well-being.
Suki’s technology integrates seamlessly with major EHR platforms, including Epic, Oracle Cerner, Meditech, and Athenahealth, making it compatible with a wide range of healthcare systems. The company’s Suki Platform, a suite of developer tools, enables other healthcare technology providers to build AI voice experiences into their own products with minimal effort. This platform has been adopted by EHRs, telehealth companies, and clinical communication platforms.
The $70 million Series D funding round was led by Hedosophia, with significant contributions from Venrock, March Capital, Flare Capital, Breyer Capital, and inHealth Ventures. With this new capital, Suki aims to further develop its product suite and expand its offerings beyond its current capabilities. The company is also focused on expanding the functionalities of its AI assistant to handle more clinical and administrative tasks, such as generating pre-visit summaries and assisting with order entries. Suki is also working to broaden its AI assistant’s capabilities to support other healthcare professionals, such as nurses.
Suki has experienced rapid growth, doubling its revenue in 2023 and projecting to quadruple it by 2024. The company is positioning itself to become a dominant player in the AI healthcare space, with a goal of having its platform business account for more than 50% of its overall revenue by 2026. The company has seen strong adoption among clinicians, with over 70% of users continuing to use the platform regularly.
The healthcare AI market is becoming increasingly competitive, with many companies entering the space. However, Suki’s strategic partnerships and technological advancements set it apart. The company has expanded access to its AI assistant to more than a dozen health systems in just the past few months. Additionally, Suki has integrated its AI assistant with Amwell’s Converge telehealth platform and secured a national group purchasing agreement with Premier, a healthcare improvement company representing over 4,000 hospitals and health systems.
Suki’s expansion into federally qualified health centers (FQHCs) and community health centers (CHCs) demonstrates its commitment to making AI solutions accessible to a broader range of healthcare providers. As the demand for AI-powered medical assistants grows, Suki is well-positioned to continue its upward trajectory, setting new standards for how AI can enhance clinical workflows and improve the overall healthcare experience.
This surge of interest in AI-driven healthcare solutions has attracted significant venture capital to the industry. For example, Abridge raised $150 million in a Series C funding round earlier this year, and Nabla secured $24 million in a Series B round. These investments highlight the growing recognition of AI’s potential to transform healthcare, with Suki leading the charge in this rapidly expanding market.
