BirchAI Raises $3.1m Seed Round
BirchAI RAISES $3.1M SEED ROUND FOR HEALTHCARE CUSTOMER SUPPORT PLATFORM POWERED BY CUTTING EDGE AI
Backed by Radical Ventures and AI2, and co-founded by NLP research pioneer behind RoBERTa, BirchAI tackles healthcare bottleneck
January 19, 2022 -- SEATTLE -- BirchAI, the leading AI platform for healthcare customer support, today announced $3.1 million in seed financing led by the AI-focused venture capital firm Radical Ventures. Leveraging groundbreaking natural language processing (NLP) capabilities, the company is set to significantly improve efficiency in the healthcare sector by automating resource-intensive aspects of customer support including the summarization, classification and analysis of customer calls.
BirchAI is a spinout from the Allen Institute for AI (AI2), one of the world’s leading AI research organizations. In addition to Radical and AI2, Flare Capital Partners and WRF Capital are participating in the funding round.
In many sub-sectors of healthcare, front-line phone-based customer support teams are staffed by clinically or otherwise highly trained employees. The industry already faced the retirement bulge of Baby Boomer staff aging out of these roles, and the pandemic has made finding qualified support staff a pressing issue for the medical device, pharmaceutical and health insurance industries. Using state-of-the-art AI, BirchAI is tackling this costly dilemma by automating after-call work for large enterprises, while simultaneously capturing the data from these calls to provide customer insights.
BirchAI was founded by Kevin Terrell, Sumant Kawale, and Yinhan Liu. The team has worked together in AI applications before starting BirchAI, and brings together deep expertise in cutting-edge AI, healthcare, and enterprise AI deployment.
“Many calls in the healthcare industry are complex, lengthy, and costly, due to significant documentation requirements,” said Kevin Terrell, co-founder and CEO of BirchAI. “Our initial focus is on complex calls, which generate over $10 billion in annual costs to the healthcare system. With BirchAI, companies will make it easier for their employees to document and analyze calls. Our platform lowers costs and improves the quality of the customer and employee experiences.”
BirchAI’s world-class AI team is led by its co-founder and CTO Yinhan Liu. Prior to BirchAI Yinhan was a star researcher at Facebook AI Research (FAIR), where she was lead author on some of Facebook’s most important work in NLP, including the well-known RoBERTa and BART papers. Yinhan is responsible for building BirchAI’s NLP technology from the ground up, allowing for accurate language documentation and summarization at a greater scale.
“The BirchAI team brings extraordinary technological depth and industry experience to tackling a very real problem facing the healthcare industry,” said Radical Ventures Partner Rob Toews, who has joined the BirchAI board. “The BirchAI NLP platform goes beyond delivering cost savings and efficiencies. AI technology of this nature also unlocks insights that can fuel strategic product and business decisions for its customers.”
WHY BIRCH.AI MATTERS
Leading-edge NLP can now be applied to the healthcare industry’s most costly customer support challenges.
Integration allows for a simple platform deployment so there’s no disruption to critical business and customer service.
The platform detects trends well ahead of traditional analysis allowing for an earlier warning system if a potential harmful pattern appears.
Automation of call handling lowers After Call Work on average by 50 to 75%, saving time and money while improving employee engagement and customer satisfaction.
The additional funding will accelerate the Birch.ai team’s growth, address its customer backlog, and allow the company to advance its AI platform.
BirchAI is currently working with multiple Fortune 500 healthcare companies, including a payer and a leading medical device firm. The company is also focusing on growing its client base in the pharmaceutical sector to help with the pharmacovigilance process.
“BirchAI’s intelligent automation platform transforms and digitizes some of the most complex and manual call-based workflows in healthcare, enabling customer support teams to provide higher-quality patient care guided by new clinical insight, while also reducing the cost of this care,” said Parth Desai at Flare Capital Partners. “Flare Capital is excited to support the BirchAI team on their mission.”
For more information about BirchAI, please visit www.birch.ai or follow Birch_ai on Twitter and LinkedIn.
About BirchAI
BirchAI was founded in 2020 by leading experts in artificial intelligence, process improvement and the healthcare industry. Backed by the Allen Institute of AI (AI2), Birch.ai provides a solution to tackle fundamental problems within our healthcare system through AI and natural language processing.
About Radical Ventures
Radical Ventures is an early-stage venture capital firm investing in people applying artificial intelligence to shape the future of how we live, work and play. From healthcare and financial services to infrastructure and manufacturing, Radical partners with entrepreneurs who understand the transformational power of AI. Learn more at www.radical.vc.
About AI2
AI2 was founded in 2014 with the singular focus of conducting high-impact research and engineering in the field of artificial intelligence, all for the common good. AI2 is the creation of Paul Allen, Microsoft co-founder, and is led by Dr. Oren Etzioni, a leading researcher in the field of AI. AI2 employs more than 100 top-notch researchers and engineers from across the globe. AI2 prides itself on the diversity and collaboration of our team and takes a results-oriented approach to complex challenges in AI. Learn more at allenai.org.