TORONTO--(BUSINESS WIRE)--CIBC Innovation Banking announced today that it has provided $4.5M CAD in growth capital financing to support Wisedocs’ mission to both further broaden its client base and to expand its product offering. Wisedocs’ artificial intelligence (AI) software platform summarizes claim files for the insurance industry to enable fast and inexpensive medical record reviews.
“The CIBC innovation banking team is phenomenal to work with. They have a deep understanding of our business needs, the requirements of a high growth tech company, and the need for dynamic banking solutions to expand globally. We are excited to continue to accelerate our growth with an amazing partner like CIBC," said Connor Atchison, Chief Executive Officer of Wisedocs.
Insurance carriers, legal firms, as well as third-party medical examiners within the insurance ecosystem leverage Wisedocs’ AI-driven platform to efficiently deliver meaningful reviews of complex medical records. With this support from CIBC, Wisedocs is poised to continue its role as a market leader in the industry to manage the claims process within an intelligent technology platform leveraging state-of-the-art generative AI. Following an oversubscribed Series A financing round of $12.7M in January 2024, CIBC’s investment enables in the company’s continued growth and expansion.
“We are thrilled to support Wisedocs to enable the company to continue delivering best-in-class solutions to its clients while further expanding its sales footprint” said Niramay, Director, CIBC Innovation Banking. "Wisedocs has crafted a unique way to challenge and solve inefficiencies in the medical claims process and is therefore generating tremendous interest from key players in the industry globally.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, San Francisco, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.
About Wisedocs
Wisedocs is the medical record indexing, review, and AI summaries software platform for insurance carriers, healthcare providers, law firms, and TPAs. The company serves the auto, liability, disability, workers’ compensation, tort law, and similar markets. It provides an easy-to-integrate solution for improved accuracy and speed to deliver improved outcomes in processing medical records. Wisedocs raised $12.7M in an oversubscribed series A round in 2024 and launched their game-changing AI Medical Summaries platform in 2023. Launched in 2021, and expanded across North America, Wisedocs is at the forefront of change in the claims ecosystem.