DigitalOwl raises $20 million

DigitalOwl closed a $20 million Series A funding round led by New York-based global private equity and venture capital firm Insight Partners, bringing its total funding to $25 million.

Founded in 2017, the Israeli startup formerly known as Legal Automation developed an AI system to analyze medical documents. It operates in the US and Canada and primarily works on health-related insurance products such as life, disability, workers’ compensation and income protection.

Here’s how it works: Customers upload scanned medical records to DigitalOwl’s platform. Once uploaded, DigitalOwl generates a dataset with filtering options and navigation. Every condition, date, and entry is clickable, redirecting users to the source of information in the record. The resulting dataset is formatted in the form of a summary that puts the most relevant data at the user’s fingertips.

“Medical record reading and analysis for insurance and legal industries has long needed to be modernized. The need only grew through COVID-19, as it became nearly impossible for insurers and law firms to hire nurses, doctors, or other claims analysts to manually read medical records. DigitalOwl’s impressive founding team has addressed this need with cutting edge technology that uses AI to digitize an antiquated industry. We look forward to partnering with DigitalOwl as they continue to grow.” – Ryan Hinkle, Managing Director at Insight Partners.

“Our solution is a proprietary Natural Language Processing technology that extracts information from hundreds or thousands of pages of scanned medical records in minutes and presents that data chronologically, allowing users to search and filter by condition, date, body part, body system, and provider. The DigitalOwl system is capable of extracting twice as many meaningful medical data points as any human-enabled solution, at a fraction of the cost.” – Amit Man, CTO and Co-Founder.