This AI Startup Backed By OpenAI, Andreessen Horowitz Hits $1 Billion Valuation — Here’s What It Does

Ambience Healthcare, an artificial intelligence startup aiming to reduce the administrative burden on doctors and clinicians, has reportedly raised $243 million in a funding round that pushes its valuation above $1 billion.

According to a report by Bloomberg, the funding round was led by Andreessen Horowitz and Oak HC/FT, with participation from earlier investors including OpenAI’s startup fund, Kleiner Perkins, and Optum Ventures.

Ambience co-founder and CEO Mike Ng said the new capital would help “expand the depth and breadth of our platform,” with a focus on strengthening its partnership with OpenAI to build advanced healthcare-specific foundation models.

“We’re continuing to invest in our working relationship with OpenAI to train the most capable foundation models for healthcare,” Ng said.

The startup offers tools to transcribe conversations and prepare chart summaries for doctors before patient visits. It also generates documentation and aims to ease the process of translating procedures and services into the alphanumeric codes needed for billing and insurance claims.

The company uses OpenAI’s technology to enhance its large language models for health care applications.

“We see a direct line of sight over the next couple of years to a world where a clinician gets to walk into the room with the patient, sit down to have a conversation, and everything else is automated in the background,” Ng said.

Startups like Ambience aren’t the only ones using OpenAI’s models. Healthcare giants such as Moderna (MRNA) and Eli Lilly (LLY) are also leveraging them to speed up drug discovery, automate documentation, and streamline operations.

On Stocktwits, retail sentiment around OpenAI dipped to the ‘neutral’ zone from ‘bullish’ a day ago. 

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Read also: Nvidia-Backed Enfabrica Launches New System To Cut AI Data Center Costs

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