(Bloomberg) -- A startup called Infinitus Systems Inc., which aims to improve inefficiencies in the health care system via artificial intelligence, raised a new round of financing at a valuation of more than $600 million, according to a person familiar with the matter who asked not to be identified discussing private information.
Infinitus said it raised $51.5 million in the deal, which was led by Andreessen Horowitz, with participation from GV, Kleiner Perkins, Coatue Management and the Memorial Hermann Health System. The startup has now raised $102.9 million to date.
Representatives for the company and Andreessen Horowitz did not comment on the valuation.
Infinitus works with health businesses including providers and pharmacies to automate tasks like follow-up phone calls, collecting insurance information, or calls between pharmacies. The company’s AI technology helps it digitize tasks and reduce reliance on customer service call centers.
The goal is to fix “how slow things move in health care,” said co-founder and Chief Executive Officer Ankit Jain. He added that a “labor shortage means our health care system will get slower and slower over time.”
Infinitus aims to speed rote tasks and increase transparency for patients, who often have to make phone calls to find out the next steps in their diagnostics and treatment. He said that the AI-powered tools will enable them to receive automatic updates.
Krishna Yeshwant, who co-leads GV’s life sciences group, said that he was optimistic about the startup’s ability to ease the burden of doctors’ office communications, and “remove the friction of those calls and deal with it using AI.” Inefficiencies in medical practices have led to “billions and billions of dollars” going to waste, he added.
Scott Kupor, an investing partner at Andreessen Horowitz who will join the company’s board, said that the firm is enthusiastic about AI use cases in health care in general. “There are things that should be able to be done computer to computer,” he said. The firm is looking at “anything where AI can meaningfully change information retrieval.”
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