Health N Tech Transformation
Strategy Institute
Joaquim Cardoso MSc
Chief Research, Editor and Senior Advisor
May 27, 2023
KEY TAKEAWAYS:
Generative AI copilots for doctors have collectively raised over $240 million in equity funding since 2018.
- There are 15+ startups offering copilot tools specifically targeting doctors.
- Funding deals in the copilots for doctors market have increased steadily in recent years.
However, funding and deals have stalled in 2023, possibly due to the funding volatility often seen in young, niche markets.
- Access to powerful generative AI models like OpenAI’s GPT-4 is expected to contribute to increased funding and deals in the future.
DEEP DIVE
Generative AI copilots for doctors have raised more than $240M
Generative AI tools that help doctors zoom through tasks like note-taking are
CB Insights Research
May 18, 2023
Generative AI copilots are cropping up for more and more professions — and time-crunched doctors are a prime target.
GenAI copilots are designed to work alongside humans, automating tedious tasks or making fleshed-out suggestions to allow users to finish things up much more quickly.
Microsoft (working with its speech recognition-focused subsidiary Nuance) is leveraging its partnership with ChatGPT-maker OpenAI to target doctors by using “ambient AI” to listen in on consultations and provide summaries.
But plenty of startups are also entering the fray. Most of these copilots for doctors are focusing on providing medical notes for now. However, some companies are also working on tools to assist with tasks like diagnosis, generating reports based on medical research databases, and automating billing codes based on patient interactions.
Total funding
There are 15+ startups offering copilot tools that specifically target doctors, and these companies have collectively raised just over $240M in equity funding since 2018.
Deals to the space have increased steadily over the last few years, though they have stalled in 2023 so far — likely reflecting the funding volatility often seen with young, niche markets.
Expect funding and deals to pick up as access to powerful generative AI models — like OpenAI’s GPT-4 — proliferates.
Originally published at https://www.cbinsights.com on May 18, 2023.
