DigitalOwl, the first Natural Language Processing (NLP) technology for deeply analyzing and summarizing medical records, announced today a $20 million Series A round led by New York-based global private equity and venture capital firm Insight Partners, with existing investors Ibex and Fusion VC participating.
This latest round of investment will be utilized to expand existing teams, most notably in technology development, sales, marketing, and client service. The funding comes shortly after the company announced a $6.5 million seed round in February 2021.
Each year, insurance firms manually evaluate tens of millions of medical information in order to make critical choices for their organization and customers. The sheer volume and intricacy of material necessitate a deliberate and slow review of each page, which frequently takes days.
The average medical record has about 44,000 words and over 2900 medical extractions, which include information about procedures, ailments, and drugs. DigitalOwl’s technology collects over 17,000 medical data points with higher than 95% accuracy from a range of various ailments, operations, and medications, including cancer, heart disease, accidents, orthopedic surgeries, diabetes, rheumatoid arthritis, hypertension, and brain traumas.
Founded by Amit and Yuval Man in 2018, DigitalOwl solves this issue by reading, summarizing, and analyzing medical records for insurance and legal companies in order to assist them in better combating fraud, underwriting new plans, executing claims, and constructing solid legal cases.
Simply submit all scanned medical records to DigitalOwl’s platform. Once uploaded, DigitalOwl creates a targeted data collection with several filtering options and an easy-to-navigate interface. Each condition, date, and entry is clickable, pointing viewers to the record’s source of data. The generated dataset is structured in a meaningful summary, putting the most pertinent facts at the user’s fingertips in a fraction of the effort and cost.
“For our current and future customers – insurance companies, reinsurers, third-party administrators, and others in the insurance and legal industries – this investment will enable us to innovate more quickly, bringing them the most advanced medical data analysis services available, backed by world-class customer service and a deep bench of domain expertise,” said Yuval Man, CEO and Co-Founder of DigitalOwl. “It will also enable us to do more comprehensive research and development, allowing us to develop significant solutions for other businesses that rely on medical data.”
DigitalOwl is currently operating in the United States, Canada, and Israel, assisting companies with the time-consuming process of manual underwriting and claims analysis.