Healthcare AI startup closes $51M funding round
Venture capital firm General Catalyst and other investors are sinking $51 million into Columbus, Ohio-based Olive with the aim of growing the AI startup’s capacity for automating administrative processes in healthcare.
In addition, Ronald Paulus, MD, former president and CEO of North Carolina’s Mission Health system, is joining Olive’s board of directors, according to an announcement.
Olive says the new funding round continues business momentum it built in 2019, when its software installations topped 500 U.S. hospitals in 41 states.
Olive’s AI workforce offering is designed to automate repetitive, high-volume administrative tasks across multiple ancillary departments. Paulus says driving such efficiencies into non-clinical work saves time, reduces errors and allows staff to focus on higher-order work.
“As a recent health system CEO,” he adds, “I appreciate the duress our hospitals are under as they focus on delivering the best patient care possible under challenging circumstances all while needing to keep the lights on.”
Olive’s existing investors participating in the new funding round include Drive Capital, Oak HC/FT and Ascension Ventures.
Dave P. has worked in journalism, marketing and public relations for more than 30 years, frequently concentrating on hospitals, healthcare technology and Catholic communications. He has also specialized in fundraising communications, ghostwriting for CEOs of local, national and global charities, nonprofits and foundations.