Navina, the maker of an AI assistant for physicians, has snagged $22 million in funding, the company announced Thursday.
The series B funding round was led by ALIVE Israel HealthTech Fund with participation from existing investors Grove Ventures, Vertex Ventures Israel and Schusterman Family Investments. The latest round brings the startup’s total raised to $44 million and will be used to advance its algorithms, expand integration of more emerging data sources and scale among physician groups and the enterprise market.
"Navina's growth has been remarkable; they have achieved penetration levels among advanced primary care groups in the United States at a pace that we have seldom seen,” ALIVE's managing general partner Ari Shamiss said in an announcement. "They are clearly addressing a gaping, unmet quadruple need: to meet the aims of improving population health; patient experience; clinician well-being and productivity—all while improving economics.”
The company works with value-based care and multistate physician groups across the U.S., aiming to address physician burnout by leveraging AI to extract insights from patient data and present them to physicians at the point of care. It distills patient histories from various sources into a “patient portrait” using its AI, which is capable of understanding the specialized language of primary care. By taking away the task of comprehending complex data, the company argues, physicians can focus instead on taking better care of patients.
Findings published in a recent report by the Innovation Lab of the American Academy of Family Physicians found Navina’s AI assistant reduces pre-appointment preparation time for physicians by 61% and increases diagnosis accuracy. In the last six months, its revenue has increased tenfold.
"Our mission, from the beginning, has been to give physicians the time and confidence they need to stay ahead of their patients' health, and to transform the physician-patient interaction, changing it from reactive to proactive,” Ronen Lavi, co-founder and CEO of Navina, said in a press release.
Investors recognize that AI can enable primary care, Shay Perera, Navina’s co-founder and CTO echoed, “while empowering physician groups and health systems to achieve the economics that enables them to meet their responsibilities to the community."