NEW YORK--(BUSINESS WIRE)--Qventus, a leading provider of AI-based care automation software for health systems, today announced a $105 million investment led by global investment firm KKR, with additional participation from world-renowned investment firm Bessemer Venture Partners, and new strategic investors, including leading health systems Northwestern Medicine, HonorHealth, and Allina Health.
Qventus has built an AI-first care operations automation platform deployed across leading health systems in inpatient and outpatient settings. This funding accelerates the Company’s ability to provide AI-based automations and AI operational assistants in more care settings, building upon the success of its existing offerings like Qventus’ Surgical Growth and Inpatient Capacity solutions as well as new solutions built on its first-to-market AI Operational Assistants platform capability.
Hospital executives, providers, and frontline staff are overburdened by manual, fragmented, and antiquated processes, which create challenges to achieving their mission of providing excellent care to patients in their communities. Despite having top-of-the-line therapies, clinicians and equipment, healthcare systems are hindered by inefficiencies related to administrative tasks like scheduling, higher costs, and more, which collectively cost the healthcare system billions of dollars every year. In turn, reducing staff burnout from administrative tasks and enhancing productivity have become mission-critical for health systems. Qventus’ transformative solutions and AI teammates help health systems combat these challenges by intelligently automating operations and end-to-end workflows across care settings.
“Across the country, healthcare teams have to do extraordinary things to get ordinary things done every single day. Qventus has dedicated the last decade to building AI automation solutions that alleviate the administrative burden of healthcare staff so they can deliver highly reliable patient care. This funding is a testament to how these solutions generate best-in-industry return on investment, helping health systems achieve the margins needed to fulfill their mission of delivering exceptional care to their communities,” said Mudit Garg, CEO and Co-Founder of Qventus. “This capital primes us to continue maximizing our growth, delivering on our promises to our partners, and launching new, game-changing technology.”
Qventus will leverage this funding to accelerate the development and commercialization of solutions powered by its AI Operational Assistants into new care settings beyond its Surgical Growth and Inpatient Capacity solutions. Enhancing team productivity by up to 50 percent, these AI teammates work alongside care teams to reduce the administrative burden, identify potential issues upstream, surface suggested interventions, and take action to solve problems for busy staff.
“Built on a solid foundation, Qventus has navigated the evolving care landscape and emerged resilient, thanks to its sophisticated technology and proprietary data engine built over the last decade,” said Jake Heller, Partner and Head of Tech Growth Equity, Americas at KKR. “We believe Qventus is well-positioned to be a market leader in supporting care delivery at the provider level and redefining the future of health care by supporting hospital systems in operating more efficiently so they can focus on what really matters–quality care for patients.”
Since its inception in 2012, Qventus has built a suite of AI solutions to address health system pain points across care settings. In the last year alone, Qventus’ Inpatient Capacity solution, which reduces the length of stay and creates capacity, eliminated over 36,000 excess days for its health system partners, saving them millions of dollars and helping them create the capacity to serve more patients in their communities. The company’s Surgical Growth solution drives strategic surgical volume for hospitals, generating $95M in annualized contribution margin in 2024 through Qventus enabled cases. This year alone, Qventus’ platform touched more than half a million surgeries and drove 35% more robotic cases using its technology to spot gaps of time available, helping patients receive the critical care they need.
“By collaborating with Qventus, Northwestern Medicine has been able to significantly address capacity and access demands for our operating rooms which has allowed our patients quicker access to care,” said Doug King, Senior Vice President and Chief Information Officer, Northwestern Medicine. “By deploying Qventus’ solutions, Northwestern Medicine is able to reduce the burden on our clinical teams and allow them to turn their focus to caring for our patients.”
This financing follows a year of significant growth for Qventus, increasing its cadre of health system partners and expanding its team globally. The company received an impressive overall KLAS score of 92.5 percent (as of November 1, 2024) in the capacity management segment, in which 100 percent of customers included Qventus as a part of their long-term plans. Last month, Qventus additionally took home Frost & Sullivan’s Best Practices Customer Value Leadership Award for its commitment to providing best-in-class solutions that generate an average of over 10x return on investment for its hospital and health system clients.
KKR is funding this investment primarily from its Next Generation Technology III Fund.
Wilson Sonsini Goodrich & Rosati, P.C. served as legal advisor to Qventus, Latham & Watkins LLP served as legal advisor to KKR and Wilson Sonsini Goodrich & Rosati served as legal advisor to Bessemer Venture Partners.
About Qventus
For more than a decade, Qventus has been at the forefront as a provider of AI-based software automating care operations in both OR and inpatient settings. By deeply understanding the challenges faced by healthcare providers and applying modern technologies and principles proven in other industries, we empower care teams to make smarter decisions and optimize patient flow, while reducing the cognitive load on team members and improving the patient experience. Our solutions not only deliver meaningful returns but have also recently achieved the highest KLAS rating, creating a competitive edge for our clients, including health systems, independent hospitals, and academic medical centers. By integrating with EHRs, the Qventus platform leverages GenerativeAI, machine learning, and behavioral science to predict operational bottlenecks, recommend remedies, and automate processes. Explore more at www.qventus.com.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.
