Automation startup Olive added another $106 million to its war chest. The Columbus, Ohio-based company is developing an AI “workforce” to handle mundane, administrative tasks for hospitals.
The idea is to automate high-volume, repetitive paperwork, such as prior authorizations. Olive says it tool can be used to handle tasks ranging from revenue cycle to inventory management to automated appointment scheduling.
So far, more than 600 hospitals have implemented its tools, including several large health systems. The company has also grown to 360 employees.
“Olive has become a piece of critical infrastructure for hospitals and a trusted, reliable product that expands human capacity at a time when resources are more precious than ever,” Olive CEO Sean Lane said. “The AI workforce has become the ‘new normal’. And while we are excited about this latest investment, we’re just getting started.”
General Catalyst, which invested in Olive earlier this year, co-led the funding round. Drive Capital, which was an early investor in the startup, also co-led the round. Oak HC/FT, Ascension Ventures and SVB Capital also participated.
To date, Olive has raised $220 million.
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