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Wisedocs collects C$4.1m in Ripple-led seed financing

Toronto-based Wisedocs, a machine learning software-as-a-service for medical record processing, has collected C$4.1 million in seed financing.

Toronto-based Wisedocs, a machine learning software-as-a-service for medical record processing, has collected C$4.1 million in seed financing. Ripple Ventures led the round, with participation from Greensky Capital and angel investors including George Papayiannis and Tim Lett. Wisedocs said the funds raised will support its continued expansion into the United States.

PRESS RELEASE

TORONTO–(BUSINESS WIRE)–Wisedocs, machine learning software-as-a-service for medical record processing closes $4.1 million (CAD) oversubscribed Seed financing round. The investment is led by Ripple Ventures, with participation from Greensky Capital, and angel investors including George A. Papayiannis of Vena Solutions, and startup veteran, Tim Lett. The seed financing round follows a previous pre-seed investment.
Wisedocs’ seed financing is a key investment that supports continued expansion into the United States. Wisedocs launched in the U.S. at the end of 2021, followed by the opening of new American headquarters in Florida to support a growing US customer base. With recent acceptance into the 2022 MassChallenge Healthtech program and the investment, Wisedocs is further supported in making efficient processes with medical records the standard, not an anomaly.

Wisedocs’ software relies on proprietary machine learning models using Intelligent Character Recognition (ICR) to read and analyze various documents involved in a medical record review.

Connor Atchinson, founder and CEO, says “The support from our investors in closing this round of seed financing is an important move in supporting Wisedocs’ continued growth across the U.S.”

“We are thrilled to be an early investor in Wisedocs,” said Michael List, Managing Partner at Greensky Capital. “The Wisedocs document processing solution for the insurance and medical sectors will drive significant efficiency in these industries. We look forward to their continued U.S. expansion.”

Wisedocs is also onboarding key technical leadership, Atif Khan who brings 20+ years experience in technical leadership as VP Engineering and as an advisor, George Papayiannis, CTO of Canadian Unicorn, Vena Solutions.

“Wisedocs is changing how the insurance industry operates by adding efficiency and removing barriers, such as cost and time, as it applies to medical records,” states Matt Cohen, Founder & Managing Partner of Ripple Ventures. “Their technology is helping organizations globally deal with the transition from paper to digital. Ripple is excited to continue supporting Connor and the team in scaling its capabilities with the onboarding of several key technical leaders.”

About Wisedocs
Wisedocs is a software platform that makes it easy to sort, understand, and organize unstructured medical records through proprietary Intelligent Optical Recognition and Machine Learning. They are on a mission to erase the headache of manual work to create a more positive experience for insurance companies, legal firms, healthcare providers, and their claimants. Founded in 2018, Wisedocs is at the forefront of AI-enabled ICR for medical records.