Lightning AI Raises $50M to Simplify AI Development
Lightning AI secures $50M funding to simplify AI development with its open-source framework PyTorch Lightning, used by 230,000 devs and 3,200 orgs.
Taylor Brooks
Healthcare technology startup Qventus has raised a substantial $105 million Series D funding round, led by KKR, to further develop its AI-powered automation tools for the healthcare industry. The funding, which includes $85 million in equity and $20 million in optional debt, will be used to create more "AI teammates" to support a wider range of healthcare scenarios.
The company, founded over 12 years ago, has been a pioneer in applying machine learning and automation technologies to make clinicians and medical professionals more efficient. Initially focused on in-patient applications, Qventus is now expanding its solutions to encompass surgeries, hospital discharges, and inpatient/outpatient check-ups. CEO and co-founder Mudit Garg stated that the funding will enable the company to develop more AI teammates to support a broader set of use cases.
The Series D funding round is a significant milestone for Qventus, with the company's valuation now exceeding $400 million. This marks a substantial increase from its previous valuation of around $200 million in 2022. The company has grown its customer base four-fold since then, with a net retention rate of 120%, and its core business has seen threefold growth. Garg revealed that Qventus is "very close to breaking even," a crucial detail in today's startup landscape where sustainable business models are increasingly important.
The funding round also underscores the growing interest in AI healthcare solutions among investors. Recent examples include Cera's $150 million financing, Hippocratic's $141 million raise, and Innovaccer's $275 million funding. Qventus's progress is a testament to the potential of AI-powered automation in the healthcare industry, where administrative burdens can be alleviated, allowing providers to focus on delivering the best care to patients.
Garg emphasized that Qventus is distinct from AI scribe companies, which have become relatively commonplace in the healthcare market. Instead, Qventus focuses on areas of operations where there is a significant pain point, leveraging its expertise in machine learning and automation to create more efficient solutions. The development of generative AI has enabled the company to build more responsive solutions that can handle unstructured data, going beyond the capabilities of traditional AI scribes.
The future of AI healthcare looks promising, with more activity expected in the coming year. Jake Heller, a partner and head of tech growth at KKR, noted that Qventus is at the intersection of themes that KKR has extensively evaluated across both its Technology and Health Care teams. As health systems increasingly adopt technology to drive efficiency, companies like Qventus are poised to play a critical role in shaping the future of healthcare.
With its latest funding round, Qventus is well-positioned to continue its growth trajectory, expanding its AI-powered solutions to support a broader range of healthcare scenarios. As the healthcare industry continues to evolve, Qventus's innovative approach to automation is likely to have a significant impact on the sector.
Lightning AI secures $50M funding to simplify AI development with its open-source framework PyTorch Lightning, used by 230,000 devs and 3,200 orgs.
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