Nym raises $47 million

Nym, an Israeli startup offering a platform for autonomous medical coding, announced a $47 million growth investment led by PSG, with participation from Google Ventures, Addition, Samsung Next and Dynamic Loop Capital.

Founded in 2018, Nym has developed an engine that analyzes patient medical records to facilitate communication with insurance companies. The coding engine uses AI to understand clinical language, assign medical codes, and link those codes to patient records. Nym’s solution takes provider notes within patient charts and translates them into accurate diagnostic and billing charge codes, all within a matter of seconds and with zero human intervention.

“We are passionate about helping the US healthcare system operate more efficiently. Across our team of physicians, computational linguists, researchers, engineers, and medical coders, we’re energized by the opportunity to deliver AI that creates value for care providers and patients. We’re excited about our momentum as we continue to expand our multi-specialty solution to support new care areas, and we look forward to leveraging PSG’s experience scaling healthtech and AI-driven businesses.” – Or Peles, CEO of Nym.

“In our view, autonomous medical coding is the clear direction of travel for the healthcare industry due to the persistent shortage of medical coders and unmitigated costs, among other factors. We believe Nym is set to maintain its position as a leading autonomous medical coding provider due to its AI-powered engine’s ability to help improve financial performance, operational efficiency, and compliance, enabling providers to focus on patient care.” – Rotem Shacham, Director at PSG.