Olive Raises Another $106MM for AI-Powered Digital Employee Platform

Olive Raises Another $106MM for AI-Powered Digital Employee PlatformOlive Raises Another $106MM for AI-Powered Digital Employee Platform

What You Should Know:

– The company that built healthcare’s first digital
employee, Olive, today announced an additional $106MM in financing in a round
led by General Catalyst and Drive Capital.

– Hospitals were implementing an AI workforce to manage
administrative tasks before the pandemic started, and recent events have kicked
adoption into overdrive.

– Olive’s quick growth is a testament to hospitals’
urgent need for administrative efficiency as they navigate the public health
crisis on top of a long-brewing technology crisis caused by manually managed
data processes.

Olive, the company creating the AI workforce for healthcare, today announced it secured $106 million in financing, led by an equity investment from General Catalyst and Drive Capital, along with Ascension Ventures, Oak HC/FT, and SVB Capital. Olive has raised over $220M to date.

AI‑Powered Digital Employee Built
Specifically For Healthcare

Founded in 2012, Olive builds artificial intelligence and
RPA solutions that empower healthcare organizations to improve efficiency and
patient care while reducing costly administrative errors.

Olive is the only healthcare-specific artificial
intelligence solution sold as a service – that means one annual price and an
all-in-one approach to hiring a digital employee.

Working alongside healthcare employees, Olive is trained to
think cognitively and make complex decisions faster, and more accurately than
human employees. She never misses a day of work. She never makes unprogrammed
mistakes. And every Olive learns collectively, like a network, so that
healthcare organizations never have to solve the same problem twice.

Olive Core Offerings

Olive’s three capabilities work together to scope, build, and optimize workflows that directly impact your organization’s most meaningful metrics:

Alpha: Enables Olive to identify and implement
high-value automation, so organizations can confidently prioritize top
processes for automation and accelerate time to build them.

Omega:  Enables
issue prediction, prevention, and resolution to drive Olive’s continued
success, utilizing data and quality alerts to track Olive’s progress and
address potential issues 72 hours in advance.

Deep Purple: Gathers this contextual information,
allowing Olive to find new connections and opportunities to improve her work.

Recent Milestones

Olive has seen a massive surge in the demand for AlphaSites, which are onsite
command centers that rapidly deploy and manage AI workers to capture value for
health systems. Olive’s team has grown this year to over 360 employees,
adding 67 new Olivians in the month of August 2020 alone. In May, the company
announced an innovative work model called The Grid, which expanded Olive’s footprint across the
country to draw top talent and strategically deploy resources as close to
customers as possible.

“The AI workforce is the biggest impact to health systems in our lifetime,” said Sean Lane, CEO of Olive. “Olive has become a piece of critical infrastructure for hospitals and a trusted, reliable product that expands human capacity at a time when resources are more precious than ever. The AI workforce has become the ‘new normal’. And while we are excited about this latest investment, we’re just getting started.”