Archive for September 23, 2024

Scribenote Secures $8.2 Million In Seed Funding

Posted in Commentary with tags on September 23, 2024 by itnerd

The veterinary profession is facing a crisis of burnout, with 86% of veterinarians reporting severe stress levels. One of the compounding issues includes a frequently overlooked culprit: spending hours writing medical records. Scribenote, an AI-powered medical scribe for veterinarians, has raised $8.2M in seed funding to tackle this problem head-on. The company’s funding was led by Andreessen Horowitz (a16z), with additional participation from Inovia Capital, the Velocity Fund, and a line-up of angel investors.

Veterinarians have a legal responsibility to document every aspect of their interactions with clients, necessitating accurate and complete medical records. Unfortunately, with various types of appointments every 20 to 30 minutes of the day, documentation can be challenging and pile up quickly. Some veterinarians may see up to 30 patients in one day and there is rarely time to document between visits. This results in veterinarians working overtime during lunch and at the end of the day to type records. 

Scribenote was started in December 2019 when CEO Ryan Gallagher noticed his sister Katie, a small animal veterinarian, consistently working late to catch up on medical records. After shadowing her at the clinic, he realized that detailed discussions that occurred during veterinary appointments could potentially be captured in real time to eliminate additional workload.  When he noticed other veterinarians at the clinic shared the same problem, Gallagher, a University of Waterloo engineering student at the time, saw an opportunity for automation and promised his sister he would build a solution that would allow her to get home from the clinic on time. 

Three years later, Ryan’s promise came true. Co-founded by Dr. Katie Gallagher, Alina Pavel, and Emily Merry, Scribenote records conversations between veterinarians and clients, and uses AI to automatically generate accurate medical records in just minutes. In addition to medical records and dental charts, various forms of client communication are also automated, allowing veterinary professionals to fully focus on patient care and building relationships with clients. By providing complete and detailed records of what was discussed, documentation struggles are reduced for an already overburdened Profession. 

The platform’s user-friendly design allows veterinarians to start a note on their phone and add to it later from any device logged into their account. Even with poor internet connectivity, users can create offline recordings and sync them later. Scribenote runs in the background to capture audio while veterinarians focus on their patients. At the end of the day, Scribenote’s desktop widget, playfully dubbed “Draggy-Droppy,” allows users to copy their completed Scribenote records into any Practice Information Management System (PIMS) in just seconds.

Scribenote is serving hundreds of clinics – both independently owned and through enterprise wide deals – across North America. In less than a year, its AI Scribe product has already automated over 1.5 million medical records, saving veterinarians up to two hours per day. This has been achieved with just $250K pre-seed funding. The company’s AI scribe is designed for general practitioners and specialist veterinarians alike, with users ranging from recent graduates to those with 35 years of experience in the field. The impact on veterinarians’ lives has been significant. Customers report finally being able to take lunch breaks, spending more time with family, and focusing more on their patients. Some users have even shared that Scribenote has been invaluable when they were injured or losing mobility in their hands, allowing them to continue their work without physically writing notes.

The veterinary industry has seen significant changes in recent years, driven by an influx of private equity capital and the effects of the pandemic. These shifts have intensified pressure on veterinary professionals to see more patients and generate more revenue. 

With this new funding, Scribenote plans to further develop its AI technology and expand its platform. The company aims to create personalized AI scribes for each veterinarian and build an efficient, intelligent platform for editing and finalizing records. Long-term, all four co-founders and their growing team of Scribenauts envision using AI scribing as a foundation to eliminate every unnecessary click and keystroke from a veterinarian’s day.

As Scribenote continues to grow, Gallagher frequently reflects on his last few months caring for his childhood Golden Retriever, Cali, who lived to the ripe old age of 16. She received the best possible care from Katie who was there for her every time she accidentally swallowed a sock or needed a nail trim. Scribenote wants to help a million other pets like Cali get the care they deserve, and give thousands of veterinarians like Katie the ability to deliver that care more efficiently.

The End Might Be Near For 23andMe

Posted in Commentary with tags on September 23, 2024 by itnerd

You might recall the recent troubles of DNA testing service 23andMe. The company got pwned in epic fashion. That led to them quietly trying to alter their terms of service to avoid getting sued. But when that didn’t work, they blamed their users for getting pwned. Ultimately, they are now trying to to pay their way out of trouble. Now they have some new trouble:

On Tuesday, the independent directors of the Board of 23andMe Holding Co. (NASDAQ:ME) sent a letter to Anne Wojcicki, Chief Executive Officer, Co-Founder, and Chair of the Board of Directors of 23andMe, providing their resignation, effective immediately.

The board said, “After months of work, we have yet to receive from you a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders. We believe the Special Committee and the Board have provided ample time for you to submit such a proposal. That we have not seen any notable progress over the last 5 months leads us to believe no such proposal is forthcoming. The Special Committee is therefore unwilling to consider further extensions…”

That’s bad, but it gets worse:

On Wednesday, 23andMe Holding Co., a company specializing in biotechnology and personal genomics, disclosed a notification of non-compliance from Nasdaq’s Listing Qualifications Department. The notice, dated September 18, 2024, indicated that 23andMe does not currently meet Nasdaq’s corporate governance requirements due to a shortfall in the number of independent directors on its board and the composition of its key committees.

And:

23andMe must now submit a plan by October 3, 2024, to regain compliance. If Nasdaq accepts this plan, the company may be granted up to 180 days to demonstrate full compliance. However, if the plan is rejected, 23andMe will have the option to appeal before a Nasdaq Hearings Panel.

Seeing as this company has been trying to sort itself out for months, I don’t see a scenario where they get themselves sorted in weeks. Thus I am pretty sure that they are going to get delisted from NASDAQ, and then they are likely going to cease to exist. This shows what happens when you have one catastrophic event, in this case getting pwned, and you can’t recover. Other businesses should see this as a cautionary tale.