DigitalOwl founders L-R Amit and Yuval Man Credit Ron Shushan
DigitalOwl, an Israeli startup offering the first Natural Language Processing (NLP) technology for deeply analyzing and summarizing medical records, raised $12 million in investment from insurance giant Reinsurance Group of America (RGA). The company has now raised $38 million to date. Also, its fellow Israeli startup Anecdotes, which offers an operating system (OS) for Compliance, raised $25 million in a Series B round of funding led by Glilot Capital Partners, bringing its total funding to $55 million to date.
Founded in by CEO Yair Kuznitsov, CPO Roi Amior and R&D VP Eitan Adler, Anecdotes boasts that it is the first company to ever offer an OS for” every stage of a business’s Compliance journey.” The system was built to reshape the way the cloud-powered world thinks about security Compliance, “transforming it from a box-ticking exercise into a powerful driver of growth for scale-ups, publicly traded companies, and everything in between.”
Anecdotes explains that it developed its system because nowadays security Compliance has been reduced to nothing more than box ticking and audit passing – a mundane, if not tedious necessity operating in the shadows of larger security programs. Compliance has to do with guaranteeing that a company’s systems are complying with the minimum of security-related requirements. The new OS allows the people who need to do the actual work of compliance, while not simply relying on whatever automated system is in use, to get the job done right.
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“Our commitment remains steadfast: to empower businesses with cutting-edge solutions, fostering a safer and more compliant digital world. As we embark on this exciting new chapter, we are grateful for the trust of our investors and partners, and we look forward to delivering transformative value to our clients and the industry at large,” said Yair Kuznitsov.
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.
“The strategic investment and global partnership stems from a 500% growth we experienced in the life insurance field last year,” said Yuval Man, CEO of DigitalOwl. “Our technology already addresses the inefficiencies that have plagued life insurance underwriting for decades. Now, closely collaborating with RGA, we aim to drive the necessary digital transformation in the industry. We strongly believe in collaborations with leading organizations in our target market.”
