close
close

CIBC Innovation Banking provides growth capital financing for Wisedocs Inc.

Posted on by darion

TORONTO–(BUSINESS WIRE)–August 1, 2024–

CIBC Innovation Banking today announced it has secured CAD $4.5 million in growth capital funding to support Wisedocs’ mission to continue to expand its customer base and product offerings. Wisedocs’ artificial intelligence (AI) software platform summarizes claims files for the insurance industry to enable fast, cost-effective medical record reviews.

“The CIBC Innovation Banking team has been phenomenal to work with. They have a deep understanding of our business needs, the demands of a rapidly growing technology company, and the need for dynamic banking solutions to scale globally. We are excited to continue to accelerate our growth with an incredible partner like CIBC,” said Connor Atchison, CEO of Wisedocs.

Insurers, law firms, and third-party medical examiners in the insurance ecosystem leverage Wisedocs’ AI-powered platform to efficiently deliver meaningful reviews of complex medical records. With this support from CIBC, Wisedocs is poised to continue its role as the market leader in the industry to manage claims processes within an intelligent technology platform using cutting-edge generative AI. Following an oversubscribed $12.7 million Series A funding round in January 2024, CIBC’s investment enables the company’s continued growth and expansion.

“We are excited to support Wisedocs to enable the company to continue to deliver best-in-class solutions to its customers while continuing to expand its sales reach,” said Niramay, Head of CIBC Innovation Banking. “Wisedocs has created a unique way to challenge and resolve inefficiencies in the medical claims process, which is why it is generating tremendous interest from key industry players around the world.”

About CIBC Innovation Banking

CIBC Innovation Banking provides strategic advice, cash management and financing to innovative companies in North America, the UK and select European countries at every stage of the business cycle, from startup 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 a medical record indexing, review, and AI summary software platform for insurance companies, healthcare providers, law firms, and TPAs. The company serves automotive, liability, disability, workers’ compensation, tort, and similar markets. It provides an easy-to-integrate solution to increase accuracy and speed to drive better outcomes in medical record processing. Wisedocs raised $12.7 million in an oversubscribed Series A round in 2024 and launched its groundbreaking AI medical summary platform in 2023. Launched in 2021 and expanded across North America, Wisedocs is at the forefront of changes in the claims ecosystem.

Beth McKay, [email protected], 416-552-1391

Smart docks:
Jenna Earnhaw, Co-Founder and COO, [email protected]
Amy Mingopoulos, Marketing Coordinator, [email protected]