it’s based out of San Mateo - out of conversations that he had with family members who are physicians and were complaining about all the busywork they had to do: it didn’t feel like it used their expertise as such and took them away from having more time to do work they were trained to do. Kapadia tells me that Notable was built out as a concept in the U.S.
#Notable rpabased 100m series iconiq growth update#
This could involve the clinical notes that a doctor has to access or update when seeing a patient the paperwork and billing details that payers need to receive to authorize a treatment or medication a person registering for a service or something else in the bigger mix of actions and levers that move when a person encounters a medical environment. Notable’s sweet spot has been using robotic process automation combined with API integrations and other technologies to speed up some of the administrative work that connects the dots in a healthcare regiment. That’s a big jump for the company: previously it had raised just over $26 million and was last valued, earlier this year, at about $120 million, according to PitchBook estimates. Kapadia confirmed to me that the round values his startup at $600 million post-money.
ICONIQ Growth - the growth-stage arm of the San Francisco wealth management and investment firm connected to Mark Zuckerberg, Sheryl Sandberg, Jack Dorsey and other high net-worth tech executives - is leading the Series B, with Greylock, Oak HC/ FT and F-Prime also participating. but has plans to take its tech to other markets and to segments adjacent to healthcare, such as health insurance, over time. “There are tens of thousands of workflows that can be automated.” He estimated that among Notable’s current customers, across some 350 locations, Notable’s systems are automating “millions” of tasks a year, “and growing exponentially.” The company is most active in the U.S. “The healthcare industry on average has $1.1 trillion in administrative spend, which is eight times as many resources required per $1 billion of revenue as any other industry in the world,” he said of the annual budget given to all that work. Today a startup called Notable, which is building automation systems to help move that along, is announcing a growth round of $100 million as it finds a ready market for its technology among hundreds of customers, including large networks like Intermountain Healthcare and CommonSpirit Health to cut through the immense amount of what Pranay Kapadia, Notable’s co-founder and CEO, describes as “administrative overhead.” Timing is everything in healthcare - yet too often diagnoses, treatments and procedures are held up by paperwork, administrative red tape between patients, clinicians, carers, bookkeepers, insurance companies and others in the chain of relationships that needs to be processed before steps can be taken.
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