Hippocratic AI, a generative AI company developing safety-focused large language models for healthcare, announced it closed a $141 million Series B round, bringing its valuation to $1.64 billion. 

Kleiner Perkins, the venerated VC firm that backed Amazon, Genentech and Google, led the round. Existing investors SV Angel, Premji, General Catalyst, a16z, NVIDIA, Universal Health Services and WellSpan Health also participated. 

WHAT IT DOES

Hippocratic AI's generative AI solution focuses on nondiagnostic healthcare tasks such as medication onboarding and monthly reconciliation, hospital and payor policy questions, and EHR assistance. 

Alongside the Series B news, the company announced the launch of its new offering, Healthcare AI Agent App Store, which allows clinicians to collaborate with Hippocratic AI to codevelop AI agents to address specific patient conditions and improve workflow efficiency. 

The company says the offering gives clinicians a direct role in crafting AI solutions. The agent takes less than 30 minutes and is safety tested by both the creator of the agent and Hippocratic AI staff. 

“Since the founding of Hippocratic AI, we have believed that the best way to build safe and effective AI is through close collaboration with those delivering care. Until now, this collaboration has primarily been with health systems and payors. Today, with the launch of our AI Agent App Store, we are also directly engaging licensed US clinicians to harness the power of AI. We truly believe that clinicians know best,” Munjal Shah, cofounder and CEO of Hippocratic AI, said in a statement.

The Series B capital will be used to expand into new markets, such as pharma and the payor space, and new geographies, including EMEA, Latam and Southeast Asia. 

MARKET SNAPSHOT

The company launched in May of 2023 with $50 million in seed funding in a round coled by Andreessen Horowitz and General Catalyst. The company added $15 million in funding to its seed round two months after it launched. 

Last year, it announced it closed an oversubscribed $53 million Series A funding round, bringing its valuation to $500 million. Subsequently, it announced it added $17 million in investment to its closed Series A round, which brought the company's total raise to $137 million.

The company also launched its nurse advisory council, which would work in conjunction with its physician advisory council to ensure the safe development of its LLMs.

In September, the company announced exclusively through MobiHealthNews that it was partnering with Adtalem Global Education to create an academic curriculum to train and certify clinicians on the use of AI in healthcare.

Two months later, Hippocratic AI relayed it was issued its first patent by the U.S. Patent Office, which includes the company's LLM innovations incorporated into its safety-focused LLM built with a constellation architecture dubbed Polaris.