The DigitalOwl startup, which develops natural language processing (NLP) technology for in-depth analysis and summary of medical records, has completed a $ 20 million A round of funding, led by the Insight Partners Foundation.
The round was attended by the Ibex Investors fund and the Fusion acceleration program, which is among the company’s first investors. The funds raised will be used to expand the company’s staff in Israel and the United States, mainly in the development, sales and marketing areas. In February 2021, DigitalOwl announced the completion of a $ 6.5 million lime fundraiser, bringing the company’s total fundraising to more than $ 26 million.
Every year, complexly trained professionals manually review tens of millions of medical records for insurance companies, and make decisions of great importance to the company and customers. The volume of the material and its complexity require a slow and meticulous review of each page, which sometimes requires many days. DigitalOwl’s technology solves this problem by reading, summarizing and automatically analyzing medical records for insurance companies and attorneys, in real time and with maximum accuracy to assist them in underwriting processes, claim settlement and fraud prevention.
DigitalOwl’s solution automatically analyzes medical documents and produces a focused database with a number of filtering options that allows for easy document navigation. The resulting data collection is arranged as a clear summary, which places the most relevant information at the fingertips of the user, in a fraction of the time and effort. The user can tap on any medical diagnosis, medical procedure, date, body organ or record and access the source of the information.
The company was founded in 2018 by two brothers, Yuval Mann, the company’s CEO and a lawyer by profession who dealt in insurance (tort) claims, and Amit Mann, VP of technology who specializes in the field of artificial intelligence. DigitalOwl currently employs 50 people in Israel and the United States. The company helps its clients overcome the tedious process of manual underwriting and claims analysis. The average medical file contains more than 44,000 words, from which over 2,900 data can be extracted such as procedures, medical diagnoses and medications. Digital Eul’s technology solution retrieves over 17,000 medical data from a variety of conditions, procedures and various medications, including cancer, heart disease, accidents, orthopedic surgery, diabetes, arthritis, high blood pressure and brain injury, with an accuracy of over 95%.
The investment from Insight Partners will allow us to develop and innovate faster for our clients, current and future – insurance companies, reinsurers and other parties in the insurance industry – and make the most advanced medical information analysis service accessible to them, supported by professional customer service and a deep understanding of special needs. Of the insurance industry, “says Yuval Mann, CEO and co-founder of DigitalOwl. “The recruitment will also support a broader research and development process, which will allow us to develop solutions for other industries that depend on medical information.”
“The time has come for the modernization of reading and analyzing medical records for the insurance and legal industries. Corona has only increased this need, as now insurance companies and law firms can hardly hire nurses, doctors or other professionals who can read medical records and analyze claims.” Explains Ryan Hinkel, a partner at Insight Partners. We believe that DigitalOwl will continue to grow and look forward to continuing to work with it. ”
“The solution we present is natural language processing (NLP) technology, which extracts information from hundreds or thousands of pages of medical records in seconds, and displays the data in various sections, allowing users to search and filter by medical condition, date, body organ, physiological system and physician name The therapist, “says Amit Mann, VP of Technology and co-founder of the company. “Our system is capable of extracting twice as much significant medical data compared to human solutions, in a fraction of the price and time.”