Outbound AI, a Seattle, WA-based healthtech startup that provides conversation AI, raised $16 million in seed financing to accelerate the growth of AI agents performing administrative tasks.
The round was co-led by Madrona Venture Group and SpringRock Ventures, with participation from Epic Ventures, Ascend, Pack Ventures, Locke Capital, Tacoma Venture Fund, and KCRise Fund.
The company’s innovative virtual agents and software consoles are powered by their exclusive Conversation AI Cloud. These virtual agents operate at significantly higher speeds than their human counterparts, achieving up to four to five times the efficiency while incurring only a fraction of the cost.
"We've developed AI-powered virtual agents capable of performing many different administrative tasks, and our software consoles provide customers with complete transparency, visibility and control," says Stead Burwell, Founder and CEO of Outbound AI. "We started in revenue cycle, but our Conversation AI Cloud is poised to support healthcare knowledge workers across a variety of functional areas, settings and specialties."
Company: Outbound AI, Inc.
Round: Seed Round
Funding Month: June 2023
Lead Investors: Madrona Venture Group and SpringRock Ventures
Additional Investors: Epic Ventures, Ascend, Pack Ventures, Locke Capital, Tacoma Venture Fund, and KCRise Fund
Company Website: https://outbound.ai/
Software Category: Conversation AI Cloud
About the Company: Founded in 2021 by Stead Burwell and Jonathan Wiggs, Outbound AI is a provider of a conversation AI built for healthcare. The company works with cloud technologies that serve as workforce multipliers to drive productivity while improving the daily job experience for human talent. Its inaugural offering includes a portfolio of AI-powered virtual agents specially trained to streamline administrative work across the revenue cycle, including claims status, eligibility and benefits verification, prior authorization, and more.