Recently, Tennr Inc., a startup specializing in intelligent medical document management, announced the completion of a $37 million funding round. This Series B investment was led by Lightspeed Ventures, with participation from a16z and Foundation Capital. This latest round brings Tennr's total raised capital to over $61 million, following a $18 million Series A round just six months ago.
Tennr primarily assists healthcare institutions in managing the thousands of paper documents they handle daily through AI-driven document analysis tools. Its software automates cumbersome and labor-intensive tasks related to healthcare, such as referral forms, patient records, and insurance claims. This allows healthcare institutions to focus more on patient care, reduce waiting times, increase capacity, and ultimately improve medical outcomes.
Tennr's software features AI-powered document parsing and workflow automation capabilities, tailored specifically for the healthcare industry. Unlike most generic language models, Tennr's models are trained specifically for healthcare documents. For instance, it can recognize and understand patient registrations containing handwritten notes, which are typically difficult for standard automation tools to parse.
Tennr is also capable of handling unique challenges in the healthcare industry, such as forms with checkboxes and multiple patient records. Its "multi-patient" model can quickly identify parts of complex documents relevant to specific patients, aiding in processing efficiency and accuracy. Additionally, Tennr has developed a specialized checkbox reading model, trained on the world's largest dataset of checkbox annotations.
By reducing document processing time, Tennr can also minimize potential errors. For example, its AI-driven insurance application review tool can automatically flag missing data or incorrect entries before sending documents to insurance companies, thereby reducing the likelihood of claim denials.
With its ability to automate the handling of large volumes of paperwork, Tennr enables healthcare institutions to reduce the need for administrative staff, allowing personnel to be assigned to more valuable tasks. For instance, Total Medical Supply LLC, a company providing diabetes medical supplies, credits Tennr's platform with improving patient treatment outcomes.
Looking ahead, Tennr plans to use this funding to expand its engineering and R&D teams, further refine its AI models, and enhance its market competitiveness. The company believes that most healthcare institutions still rely on manual document management and aims to serve up to 10% of the U.S. healthcare system's patients with document management services by the end of next year.
Key Points:
✅ Tennr Inc. secures $37 million in funding, with total raised capital exceeding $61 million.
✅ The company utilizes AI technology to automate medical document processing, enhancing efficiency in healthcare institutions.
✅ Tennr plans to expand its team and technology development, targeting coverage of 10% of the U.S. healthcare system's patients.