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Classified in: Health, Science and technology, Business
Subject: VEN

Infinitus Systems Announces $30M Series B Financing and General Availability of DynamoBVtm

SAN FRANCISCO, Nov. 10, 2021 /PRNewswire/ -- Infinitus Systems, the leading VoiceRPA company for automating phone calls in healthcare, today announced its close of $30M 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.

"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 DynamoBVtm
Today, Infinitus is announcing the general availability of DynamoBVtm. DynamoBVtm 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. DynamoBVtm 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.

Customers are currently using DynamoBVtm 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, DynamoBVtm 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, DynamoBVtm can start returning benefit verification results for your patients.

"DynamoBVtm 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.

Expanding a world-class RPA team
Infinitus continues to attract talent across artificial intelligence and engineering, and has recently welcomed Brian Haenni to lead partnerships, and Jody Barkin to lead strategy. Prior to joining Infinitus, Haenni served in senior leadership roles in patient and reimbursement support for pharmaceutical and specialty pharmaceutical service companies. Barkin has more than 16 years of software and SaaS experience, primarily at Adobe and AppDynamics/Cisco. Her experience spans business strategy, pricing, product marketing, and employee experience and includes serving as VP Business Strategy and Operations and Chief of Staff.

The recent appointments are a testament to Infinitus' investment in expanding the team. For more information about open positions, please visit infinitus.ai/careers.

About Infinitus
Infinitus Systems is a healthcare-focused conversational automation company. Headquartered in San Francisco, CA, the company was founded in 2019 by Ankit Jain and Shyam Rajagopalan, leaders in scalable AI responsible for Google Play, Google Login and Snapchat Security. The company has raised $51.4M to date and is backed by top tier VCs including Kleiner Perkins, Coatue Management and GV (formerly Google Ventures).

Learn more at www.infinitus.ai

Press Inquiries: press@infinitus.ai

SOURCE Infinitus Systems, Inc.

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