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Fabric, a startup that provides AI-powered automation solutions for clinical and administrative tasks in healthcare, has raised US$60Mn in a Series A funding round. The funding round was led by General Catalyst, with participation from existing investors such as Thrive Capital, GV (Google Ventures), Salesforce Ventures, BoxGroup, Atento Capital, and Vast Ventures.
The company offers health systems a telemedicine platform and software that streamlines patient intake and symptom collection processes. Additionally, it is working towards addressing the clinical capacity problem to improve access to healthcare services. In a conversation with Bloomberg, The CEO and Co-founder, Aniq Rahman revealed that they have protocols that map to about 400 unique diagnoses. The company has assisted 5 million patients with treatment through its virtual care product.
Aniq Rahman believes, "This latest funding round will enable us to expand further with health systems + players, grow our team, invest in further AI development, and continue strategic M&A." He also plans to expand Fabric’s 130-person team, possibly doubling it, by the end of this year.
Earlier this year, Fabric acquired Gyant, an AI-powered medical assistant, in an all-cash transaction. This acquisition came after Fabric secured $20Mn in seed funding from Thrive Capital and acquired Zipnosis from Bright Health in May 2023, as part of its rebranding from Florence.
