Infinitus Systems landed $30 million in series B funding for its AI technology that automates phone calls between providers and payers, the startup announced Wednesday.
The company’s technology, called DynamoBV, uses machine learning and voice recognition to verify insurance benefits over the phone with payers, removing providers from the tedious, time-consuming task, the startup said.
“40% to 50% of the 3.2 billion phone calls in healthcare are spent waiting on hold and then asking for repetitive information,” said Karen Holop, product lead at Infinitus, in a statement. “This is an inefficient process that adds unnecessary time and costs into the healthcare system and is so frustrating for people making those calls.”
GV, formerly Google Ventures, led the round, along with previous investors including Kleiner Perkins and Coatue Management.
Krishna Yeshwant, M.D., managing partner at GV, will join the Infinitus board along with Aaron Weiner, managing director at Coatue.
The startup has raised $51.4 million to date.
Infinitus combines a digital assistant with proprietary payer application programming interfaces and benefits verification technology to verify patient benefits and follow up on prior authorizations.
According to the CAQH 2020 index (PDF), eligibility and benefit verifications present one of the greatest per-transaction savings opportunities—$8.64 in potential savings for every transaction relative to manual processing.
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More than 35,000 U.S. providers have adopted the Infinitus platform. The round will further the company’s mission to “replace every phone call with an API call,” the startup said in a LinkedIn post.
“We are incredibly optimistic about the coming year, as well as the long-term opportunity to replace phone calls with API calls giving time back to our customers so they can focus on the patient interactions that really matter," said Ankit Jain, co-founder and CEO of Infinitus, in a statement.
The funding will go toward hiring, scaling operations and product delivery to meet growing demand, and expanding the company’s market presence.