- TechTO Newsletter
- February 6, 2024: Don't rush the process ⏱️
February 6, 2024: Don't rush the process ⏱️
Today’s edition is sponsored by Fidelity Investments Canada ULC
Good things take time. What Wisedocs has shown us from their recent raise
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What is the news?
Wisedocs announced a $9.5m USD raise led by Information Venture Partners with participation from Thomson Reuters Ventures and ManchesterStory.
What does Wisedocs do?
Wisedocs automates the review, indexing, and summarization of medical records to streamline insurance claims processing.
Why was the company able to raise this round?
The successful raise is attributed to a large market opportunity and their successful U.S. expansion in 2022, which doubled their customer base and led to a 3.5x growth rate in 2023.
The claims market has many players and has been historically very time-intensive. The ecosystem includes legal teams and medical teams at insurance companies. The ability to automate the claim process saves these companies money and improves customer service and represents a large opportunity.
Why did they raise more capital?
The additional capital is intended to accelerate their growth in the U.S. market.
What can the ecosystem learn from this raise?
The successful fundraising of Wisedocs, which initially began in 2018, serves as a testament to the fact that establishing and validating a solid market opportunity often requires a significant amount of time. To secure this round of funding, Wisedocs likely needed to demonstrate their ability to compete within the U.S. market and successfully secure several enterprise contracts. Penetrating the U.S. market necessitates substantial capital, and finalizing enterprise deals is often a time-consuming process. While some companies may experience rapid growth, it is important to note that many startups require a period of maturation.
Wisedocs employs machine learning to address a problem that is not immediately apparent to end users. It is anticipated that we will witness an increase in startups scaling in these "under-the-radar" areas, as it enables individuals and organizations to concentrate more on areas where they can deliver value.
Free lunch and learn hosted by Humi
Scaling your startup: growing your team from 2 to 150
Humi invites you to an exclusive in-person lunch and learn focused on scaling your startup from a team of 2 to 150. Whether you’re just starting out or managing a growing team, understanding the dynamics of workforce growth is crucial. This panel is your opportunity to gain insights from two industry leaders, Jason Goldlist (CEO of Venue.live) and Kevin Kliman (CEO, and co-founder of Humi) who have navigated these waters successfully and are eager to share their experience of scaling their ventures from 2 to 150.
Plus, stick around after the panel to work from the Humi office and connect with other like-minded entrepreneurs. Lunch and light refreshments will be provided.
Join us on February 8 at noon, at the Humi office in downtown Toronto for this insightful afternoon of learning and networking.
Today is the last day to RSVP.
Why is Fidelity Portfolio Manager Mark Schmehl, in charge of $22 billion, exploring Artificial Intelligence (AI) very actively?
With almost 30 years of investment experience, Mark Schmehl is a veteran Fidelity portfolio manager, who looks after $22B on behalf of Fidelity and Canadian investors across funds like Fidelity Global Innovators and Fidelity Canadian Growth Company Funds.
Specifically, he has been looking for areas that will be rewarded by the market over the long term, and Artificial Intelligence (AI), in his view, represents one such area that he has been exploring very actively.
Interested in learning about the durable, long-term trends that Mark believes will revolutionize the way businesses operate? Be sure to read the latest edition of Fidelity Perspectives.
*this is sponsored content
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