Corti, a health tech startup using AI to improve patient consultations, just raised $60 million with this 12-slide pitch deck
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- Danish health tech startup Corti just raised $60 million in Series B funding.
- Corti, founded in 2016, has developed an AI tool to improve patient outcomes and cut clinical admin.
- We got an exclusive look at the 12-slide pitch deck it used to raise from Prosus Ventures and Atomico.
A health tech startup using AI to make patient care more accurate and efficient just secured a $60 million Series B round co-led by Prosus Ventures and Atomico.
Copenhagen-based Corti, founded in 2016, has developed an AI assistant that analyzes patient consultations in real-time and reduces administrative work. Its widget sits on a doctor or nurse’s computer, records conversations, and analyses them in real-time to support the medical practitioner’s decision-making.
“The doctor, back when I was a kid, would have more than 20 minutes [with a patient], whereas today they have less than ten,” cofounder and CEO Andreas Cleve told Insider. “The reason is, they’re spending all that time documenting quality assurance, bidding, note taking, and that’s because healthcare has become a very different beast.”
Cleve said healthcare had become “very fragmented” and that there was pressure from “personnel deficits everywhere” with burnout becoming endemic. The pandemic also compounded these issues, Cleve added. “The system is way past full capacity.”
Corti’s AI acts as a real-time second opinion, the CEO said. The idea is that this will lead to better patient outcomes, as some 88% of diagnoses change with a second opinion, according to a 2017 study cited in the startup’s pitch deck.
It works by listening to a patient consultation and comparing it to millions of other patient conversations to nudge healthcare professionals to the right diagnosis or course of action. The tool, designed to improve and streamline workflow, also automatically takes care of notes, including those needed for the patient’s next steps, and quality assurance.
The startup claims to help healthcare staff become 40% more accurate in outcome predictions and 90% faster in handling administrative tasks. It currently works with primary and secondary healthcare providers and insurers in Europe and the US, indirectly supporting 100 million patients a year, it said.
Its key differentiator is that it’s in the room analyzing information from the patient itself; it doesn’t rely on medical notes after the fact, which are often specific to the writer, made up of abbreviations, and may have mistakes or biases, Cleve said.
“The reason we do audio is, if you go back and look at it, none of the things that cost money or risk lives in healthcare – let’s say a procedure or surgery – none of that happens if there hasn’t been a patient consultation. The beauty of that consultation is that it’s a real interaction, not an abstraction, so it’s root data,” he said.
“Imagine I’m your doctor – what I think I consciously and unconsciously will also be in that description.” Corti, however, can pop up on a practitioner’s screen and nudge them to ways to improve the consultation.
Corti’s AI model learns and improves the more people use and interact with it, but Cleve said the company has reached a point where it can “provide value out of the box.” He also noted that the company never owns patient data.
The startup is now focused on building a foothold in mental health and behavioral health patient care, which is today very subjective, Cleve said.
Existing investors Eurazeo and Danish state fund EIFO also participated in the round. It brings the startup’s total raised to $93 million. Corti plans to double or triple its 90-strong team in the next 18 months, with a focus on building teams specializing in different use cases.
It will also keep investing in research and development, improving medical practitioners’ workflows, and generative AI.
Check out the redacted 12-slide pitch deck it used to raise the funds below.