March 21, 2022
Wisedocs, a Toronto-based developer of a machine-learning medical document processing software, recently closed an oversubscribed $4.1 million seed financing round. Ripple Ventures led the round, with participation from other Toronto-based investors such as GreenSky, Capital, and Tim Lett.
Wisedocs uses AI-enabled optical character recognition to process and understand various documents involved in a medical record review, allowing third-party assessment companies and insurance carriers to evaluate claims faster and more accurately. The start-up aims to bring its platform to the entire insurance ecosystem, creating a more streamlined experience for insurance companies, legal firms, healthcare providers, and their claimants.
“Wisedocs is changing how the insurance industry operates by adding efficiency and removing barriers, such as cost and time, as it applies to medical records,” states Matt Cohen, Founder & Managing Partner of Ripple Ventures. “Their technology is helping organizations globally deal with the transition from paper to digital.”
Founded in 2018 by Connor Atchison, Wisedocs expanded into the U.S. at the end of 2021, and established an American headquarters in Florida in early 2022 to support a growing customer base. Wisedocs intends to use the seed funds to continue its expansion across the U.S. insurance sector. To that end, Wisedocs has on-boarded key new technical leadership, including Atif Khan as VP Engineering and as an advisor.
Wisedocs was also recently admitted into the MassChallenge Healthtech program – a Boston-based accelerator program that supports high-impact digital health start-ups by partnering them with industry leaders. The company is now positioning itself for a substantial Series A round in the next six to nine months.
By: Luke Devine