Abridge funding: Every round, investor, and valuation (2026)

Abridge listens to the conversation between a doctor and a patient and writes the clinical note. The doctor opens the app, talks to the patient as usual, and finds a draft in the electronic health record when the visit ends, with each line linked back to the moment in the conversation it came from. The category is called ambient AI documentation, and Abridge sells it to hospitals and health systems.

Abridge has raised $757.5 million in disclosed funding across nine rounds, all of it equity. Its largest, a Series E led by Andreessen Horowitz in June 2025, valued the company at a reported $5.3 billion.

The company was founded in Pittsburgh in 2018 by Shiv Rao, a practicing cardiologist who had worked at UPMC's venture arm. Health systems, insurers, and a drugmaker sit on its cap table next to venture firms. Let's dive into Abridge's funding history.

Abridge spent its first five years as a small company with a consumer app. Generative AI then made its core product work at hospital scale, and nearly all of its funding arrived in the 20 months that followed.

Abridge's first product was not for doctors. When it came out of stealth in October 2020, it was a free app that let patients record their appointments and get back a summary of what the doctor said, with medical terms explained. Union Square Ventures and UPMC led the $15 million seed and Series A, which the company announced together.

UPMC was more than a check. Rao had been an executive at UPMC Enterprises, the health system's innovation and investment arm, and UPMC served as an early test site. An SEC filing also shows a $1 million note sold to a single investor in 2018, the year the company was founded.

The Series A-1 in August 2022 marked the turn toward hospitals. Wittington Ventures led it, AI researcher Yoshua Bengio joined as an angel, and Abridge launched its enterprise product for clinicians on the same day. The pitch had moved from helping patients remember a visit to cutting the hours doctors spend on notes after work.

In May 2023, IKS Health, a company that provides clinical documentation services to US physicians, made a strategic investment of undisclosed size. IKS agreed to use Abridge's AI in its own scribing work and to feed back corrections from its medical staff to improve the models.

The Series B in October 2023 brought the customers onto the cap table. Spark Capital led, and the round drew CVS Health Ventures, Kaiser Permanente Ventures, Mayo Clinic, Lifepoint Health, and the University of California's investment office. Abridge had about 50 employees at the time.

Lightspeed and Redpoint co-led the Series C in February 2024, four months after the Series B. The company said the money would pay for its own healthcare foundation models and for wider rollouts across health systems.

Kaiser Permanente, already an investor, became the showcase customer. In August 2024 it began making Abridge available to about 24,600 physicians across its 40 hospitals.

Elad Gil and IVP co-led the Series D a year later, when Abridge was live at more than 100 health systems. Nvidia's venture arm, NVentures, and Alphabet's growth fund, CapitalG, joined that round.

Andreessen Horowitz led the Series E four months after that, with Khosla Ventures. Abridge used the announcement to widen its pitch from notes to billing: the same conversation that produces the note could also produce the codes a hospital needs to get paid. An SEC filing for the round shows $315.9 million sold, slightly above the announced figure.

Abridge has not raised a priced round in 2026. On June 11, 2026, it announced a strategic investment from Eli Lilly, with no amount or valuation disclosed, alongside a module that flags patients who may qualify for clinical trials during the visit. Some databases list a $316 million Series E extension in April 2026, but no company release or SEC filing supports it, and the figure matches the 2025 Series E filing.

Abridge's valuation rose about 26-fold in 20 months. The steps got larger in dollars but smaller as multiples, which is the usual pattern as a company gets bigger.

Abridge has confirmed only one of these figures. It gave the Series D valuation to Fortune, while the others come from press reports by Forbes, Reuters, and Bloomberg. The Series E nearly doubled the price in four months, the fastest step in the company's history.

The jump came with revenue behind it. The Information reported $117 million in contracted annual recurring revenue in the first quarter of 2025, which put the Series E at roughly 45 times that figure. That is a rich multiple for healthcare software but in line with the pace of AI startup funding statistics, where top companies now raise several rounds a year.

A useful comparison is Hippocratic AI's patient-facing agents, another healthcare AI company with hospitals among its investors. It was valued at $3.5 billion in November 2025, below the price Abridge reached five months earlier. Abridge has not been revalued since the Series E, so its current price is unknown.

Abridge's investors fall into three groups: the venture firms that backed it early and kept board seats, the growth investors that led the large rounds, and the strategic backers that buy, sell, or build on its product.

Union Square Ventures co-led the first rounds and returned in the Series A-1 and Series C. Partner Andy Weissman sits on the board. UPMC co-led the 2020 rounds and invested again in the Series A-1, and its hospitals were among the first to use the product at scale.

Spark Capital led the Series B, and partner Will Reed holds a board seat. Lightspeed co-led the Series C with Redpoint, and Lightspeed partner Sebastian Duesterhoeft also joined the board. Both firms came back for the Series D.

Elad Gil, an angel investor turned fund manager known for early bets on AI companies, co-led the Series D with IVP. IVP had first joined in the Series C.

Andreessen Horowitz led the Series E through its growth fund. The firm also backs Ambience Healthcare, a direct rival, which shows how many investors are spreading bets across the ambient AI category rather than picking one winner.

Kaiser Permanente, Mayo Clinic, Mass General Brigham, Lifepoint Health, and CVS Health have all invested through their venture arms or directly. Most of them also use the product. For Abridge, these investors shorten sales cycles and act as reference customers. For the health systems, a stake gives them a say in the roadmap and a share of the upside if the tool they are paying for gains value.

NVentures invested in the Series D. In June 2026, Nvidia and Abridge agreed to build a foundation model for clinical conversations on Nvidia's Nemotron models and Blackwell chips, trained on de-identified data and used only inside Abridge's products. For Nvidia, it is another healthcare showcase for how Nvidia's chip business makes money.

Eli Lilly's investment ties to clinical trials. Drugmakers struggle to find eligible patients, and Abridge hears millions of visits where those patients describe their conditions. A similar bet on AI in trials shows up in Unlearn's clinical trial funding, which builds digital twins of patients instead.

Abridge has spent its funding on three things: models, people, and new products that sit next to the note. The aim is to move from a per-clinician scribe to a broader platform that hospitals pay more for.

The Series C was raised partly to build Abridge's own healthcare foundation models, and Rao has said the company needs significant compute to train them. Abridge runs its own speech recognition and uses outside models where they fit, including OpenAI's GPT models for nursing notes, a small slice of OpenAI's API business.

It also buys inference from specialists. Baseten counts Abridge among its customers, part of the demand behind Baseten's inference funding. The Nvidia model, expected later in 2026, will add a model built around clinical speech.

Abridge had about 50 employees when it raised the Series B. It has since opened a San Francisco office alongside Pittsburgh and New York, and Rao told local press the company could not hire fast enough. The Series E announcement said the company was hiring across engineering and clinical teams.

Most of the newer products target money, not time. Abridge now captures billing codes and risk-adjustment codes during the visit, reviews notes before claims go out, and works with Availity on prior authorization, a deal announced in January 2026. In April 2026, it added clinical decision support built on content from the New England Journal of Medicine and JAMA.

In July 2026, Abridge bought Altrina, a Y Combinator startup that builds AI agents for workflow automation, for an undisclosed price. It is the company's first reported acquisition.

Abridge's growth focus is breadth inside the hospitals it already serves. It is live at more than 300 health systems and handles more than 100 million conversations a year, and it wants each of those systems to buy coding, prior authorization, nursing, inpatient, and research tools on top of the note. Payers and drugmakers, through deals such as Lilly's, are the next set of buyers. The company has shown no sign of expanding outside the US.

The product roadmap points to what the company calls a clinician intelligence platform, with the Nvidia model, decision support, and the Altrina agents as its building blocks. Abridge ranked first in the KLAS ambient AI category in 2025 and 2026, a buyer survey that carries weight in hospital purchasing.

The main risk is Epic. In February 2026, the electronic health record vendor launched its own AI charting tool inside the software Abridge depends on, and it answers to no outside shareholders, as how Epic Systems is owned shows, so it can bundle that tool however it chooses. Microsoft's Dragon Copilot, Ambience, and Commure compete for the same budgets. Rao has said the company wants to keep its options open on an IPO and has years of runway, so the next round will likely depend on whether the billing and research products can grow revenue faster than the scribe market gets cheaper.

Abridge has raised $757.5 million in disclosed funding across nine rounds, from a $5 million seed in 2020 to a $300 million Series E in June 2025. Strategic investments from IKS Health in 2023 and Eli Lilly in 2026 were not priced publicly, and some press reports put the total at about $830 million.

Abridge's lead investors are Andreessen Horowitz, IVP, Elad Gil, Lightspeed, Redpoint, Spark Capital, Wittington Ventures, Union Square Ventures, and UPMC. Other backers include Bessemer, Khosla Ventures, CapitalG, Nvidia's NVentures, Eli Lilly, IKS Health, and health systems such as Kaiser Permanente, Mayo Clinic, and Mass General Brigham.

Abridge was valued at $5.3 billion in its June 2025 Series E, according to press reports. That is up from $2.75 billion in February 2025 and about $850 million in February 2024. The company has not disclosed a valuation since.

No. Abridge is private and has not filed for an IPO. Its shares are not traded on any stock exchange.

Abridge is owned by its founders, employees, and investors. Founder Shiv Rao is CEO and sits on the board. The largest outside holders are likely the firms that led its biggest rounds, including Andreessen Horowitz, IVP, Lightspeed, and Redpoint, along with early backers Union Square Ventures and Spark Capital, though exact stakes are not public.