Charta Well being Received $8.1 Million for Healthcare AI Utilizing This Pitch Deck

• Charta Well being simply raised an $8.1 million seed spherical from Bain Capital Ventures.
• Charta’s founders left Rockset, which OpenAI acquired final yr, to begin the healthcare AI firm.
• The startup, which makes use of AI to assessment affected person charts, acquired $500,000 in contracts inside 60 days.

Justin Liu and Scott Morris did not have any healthcare expertise once they left Rockset, the AI infrastructure startup that OpenAI acquired in June. This month, they’re asserting an $8.1 million seed spherical led by Bain Capital Ventures for his or her new healthcare AI startup, the corporate informed Enterprise Insider completely.

Liu and Morris left Rockset in 2023 to dig deeper into healthcare, the trade through which they felt the tech may make the largest influence. The 2 spent a yr getting their medical coding credentials and interviewing over 100 healthcare professionals to determine what healthcare applied sciences had been value constructing.

That exploration become Charta Well being, which is utilizing AI to automate affected person chart evaluations to assist suppliers seize extra income and scale back their administrative burdens.

Suppliers must assessment affected person charts to make choices about affected person care and choose the appropriate medical codes for billing. Nonetheless, guide chart evaluations could be time-consuming, probably decreasing the period of time suppliers can spend with their sufferers and driving up prices.

Charta Well being’s AI automates that assessment course of for a spread of duties, together with serving to to determine missed codes to extend supplier income, flagging potential points earlier than billing to forestall claims denials, and making certain the charts adjust to payers’ advanced documentation necessities.

Charta started its outreach to potential shoppers by means of a collection of chilly emails. Inside 60 days, these emails landed the startup $500,000 in income — all earlier than Charta launched from stealth in June 2024.

That preliminary traction rapidly introduced Charta to profitability, main Liu and Morris to reevaluate their technique and pursue enterprise funding to deal with progress as a substitute of sustaining early earnings. “We did not understand simply how huge of a possibility this was going to be,” Liu mentioned.

SV Angel, South Park Commons, SpringRock Ventures, Refract Ventures, and strategic angel traders contributed to Charta’s Bain-led seed spherical. The startup additionally employed Dr. Caesar Djavaherian, cofounder and chief medical innovation officer of healthcare clinic startup Carbon Well being, as its chief medical officer.

Healthcare executives and traders have been clamoring for AI-powered options to automate administrative duties in healthcare because the trade struggles with a staffing disaster and low hospital margins. Dozens of startups have grabbed funding to deal with numerous duties in that bucket, like CodaMetrix, which raised a $40 million Collection B in March to investigate medical notes and derive medical codes for billing and claims utilizing AI.

Liu mentioned Charta units itself aside by providing options for a broad number of use instances and personalizing the platform to its shoppers’ wants. He mentioned nearly all of Charta’s shoppers use the corporate’s tech for a number of duties associated to affected person chart evaluations.

“In the end, the imaginative and prescient right here is that we are going to create this layer that lets you carry out these chart evaluations for any sort of use case at any level contained in the income or care cycle,” Liu mentioned.

The startup sometimes works with high-volume, low-reimbursement specialties like main care, pressing care, and behavioral healthcare. Charta Well being focuses on outpatient settings, setting it aside farther from healthcare AI startups like SmarterDx, which makes use of AI to investigate affected person charts for inpatient care.

Liu mentioned Charta plans to make use of a lot of the seed funding to construct out its gross sales workforce to land extra contracts, in addition to for product enlargement as the corporate appears to be like to deal with extra use instances for chart evaluations in numerous specialties.

Here is the pitch deck Charta Well being used to boost $8.1 million from Bain Capital Ventures.