AI medical scribe producer Lyrebird Health raises $12m
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The news: Medical technology startup Lyrebird Health has raised $12 million in a funding round led by Five V Capital and UK-based Octopus Ventures to improve its AI-powered tool and expand internationally.
The context: Lyrebird has developed an AI-powered medical scribe that records patient-doctor conversations and subsequently generates clinical documentation.
The Melbourne-based company was founded in early 2023 by Kai Van Lieshout and Linus Talacko.
Previous investor Startmate also participated in the latest investment round. Five V Capital partner Chris Gillings will now join Lyrebird’s board.
The funding will be used to ensure the product is compliant with Australian regulation and data sovereignty requirements, integrate with more electronic medical record partners, and expand in the United Kingdom and the Middle East.
The technology recorded over 600,000 consults in May with the number of consults growing at a rate of 10% each month, according to the company.
This has included partnerships and research at Alder Hey Children's Hospital and Gold Coast Hospital.
What they said: “They’ve built a product doctors genuinely love, scaled quickly with minimal capital, and developed a go-to-market strategy that compounds without burning cash,” Gillings said.
Octopus Ventures partner Uthish Ranjan said the venture capital firm was impressed by the traction achieved in Australia and “how quickly they’ve seen demand in international markets”.
“Their early success in the UK gives us strong conviction that they're well-positioned to scale in our local market.”
The source: Lyrebird media release
