Infinitus Systems Announces $30 Million Series B Financing and General Availability of DynamoBV
Infinitus Systems, the leading VoiceRPA company for automating phone calls in healthcare, announced its close of $30 Million in Series B financing, accelerating its position as the category leader in VoiceRPA. The funding will enable the company to invest in high caliber talent across the organization; scale operations to meet rapidly growing customer demand; continue to accelerate delivery of products to customers; and further invest in sales and marketing to expand market presence.
GV (formerly Google Ventures) led the Series B round and Dr. Krishna Yeshwant, Managing Partner at GV, will join the Infinitus Board. Also joining the board is Aaron Weiner, Managing Director at Coatue. Existing investors Kleiner Perkins and Coatue Management, as well as a number of former and current healthcare executives, also participated in the round.
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“Robotic process automation solutions provide a missing link for payers, providers, and the pharmaceutical industry looking for more effective ways to communicate with better data interoperability. We’re impressed with the Infiinitus approach to automation solutions, and believe the company is well-positioned to meaningfully accelerate efficiencies in healthcare,” said Dr. Yeshwant.
“We’re excited to work with GV, Kleiner Perkins, and Coatue Management as we tackle one of the most overlooked areas of healthcare. We are incredibly optimistic about the coming year, as well as the long-term opportunity to replace phone calls with API calls giving time back to our customers so they can focus on the patient interactions that really matter,” said Ankit Jain, co-founder and CEO of Infinitus.
Bringing automation to off-the-computer, phone-based process with DynamoBV
Infinitus is announcing the general availability of DynamoBV. DynamoBV is Infinitus’ unified benefit verification offering that combines proprietary payer APIs, electronic data interchange (EDI), predictive electronic benefit verification (eBV) technology, and digital assistant (DA) technology. DynamoBV has been used to support the back-office operations of over 35,000 providers around the US and has also been integrated into the systems of companies like AmerisourceBergen and TrialCard.
“40-50% of the 3.2 billion phone calls in healthcare are spent waiting on hold and then asking for repetitive information. This is an inefficient process that adds unnecessary time and costs into the healthcare system and is so frustrating for people making those calls,” says Karen Holop, Product Lead at Infinitus.
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Customers are currently using DynamoBV to verify benefits with major medical payers and pharmacy benefit managers, and to follow-up on prior authorizations with prior authorization departments.
Built from the experience of over half a million benefit verifications, DynamoBV provides a real-time eBV solution complemented with an AI-powered digital assistant to return more than 110 unique data points at breakneck speeds. Connect your patient management system to the Infinitus Platform via API and just 24 hours of machine-learning later, DynamoBV™ can start returning benefit verification results for your patients.
“DynamoBV augments state-of-the-art natural language processing with our proprietary expert in-the-loop processes to automate high-volume tasks and seamlessly navigate exceptions,” said Shyam Rajagopalan, co-founder and CTO of Infinitus. “The machine precision of Infinitus’ AI engines combined with the experience of our benefit verification specialists ensures the successful handling of edge cases while enabling the expansion into new use cases quickly. With continuous reinforcement to our ML conversation models, Infinitus customers benefit from the improvements made to the system in real-time without the need for costly client-side upgrades.”
Infinitus’ models and algorithms have been trained on tens of millions of utterances from benefits verification phone calls. Infinitus uses HIPAA and HITRUST compliant web and cloud services. The company follows National Institute of Standards (NIST) 800-53 at the moderate level and data is encrypted in transit and at rest. The company can work across a number of patient management systems, customer relationship management systems, electronic health record systems and supports various connection methods.
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