Laudio will use the funds to scale its growth and product development, expand its sales team and invest in its AI and analytics platform.
Boston-based Laudio, a healthcare management platform, announced that it has raised $13 million in Series B funding, bringing its total raise to $25 million.
Define Ventures led the round, with participation from InHealth Ventures, .406 Ventures, TeleTracking Technologies and MemorialCare Innovation Fund.
A.G Breitenstein, venture partner at Define Ventures, is joining Laudio’s board of directors.
WHAT IT DOES
The company offers a healthcare management platform for providers aimed at streamlining administrative workflows. The platform also utilizes AI to provide healthcare managers with recommendations on how to engage with their team members to reduce turnover and burnout.
“With the new funding, Laudio will invest in deepening the action orientation of its platform and scaling growth and product development. The company plans to expand its sales team and increase overall investment in marketing, focusing on generating awareness for its product. Additionally, Laudio is making larger investments in its AI and analytics platform, which nudge leaders to take the right action at the right time through real-time recommendations,” Russ Richmond, CEO and cofounder of Laudio, told MobiHealthNews in an email.
“We plan on establishing ourselves as the future of work within the healthcare space this year. We believe that the future of work is going to be about automation and collaboration, and our software achieves that. We’re able to automate administrative work and allow managers and leaders to focus on what’s truly important.”
Stress and anxiety among healthcare providers have increased since the start of the pandemic, and physician turnover due to burnout totals $5 billion annually, according to a study in JAMA Health Form.
In 2019, Laudio raised $7.3 million in Series A funding to expand its management platform, and two years later, the company announced that Novant Health, Tufts Medical Center and UNC Health would utilize its offerings in their healthcare systems.
Another company attempting to lighten healthcare providers’ workload is Botco.ai, the maker of a marketing chatbot designed for healthcare enterprises. The API-based tool can conduct chat campaigns across different channels and respond to patients’ inquiries about appointments or services.