Iscribe nuance9/5/2023 ![]() ![]() IScribes was born out of the frustrations of its co-founder Jared Pelo, an ER doctor who found it a pain to complete all the documentation his hectic job required. ![]() Over the next two years we will get the payments out of escrow and earn-out." "The majority of the deal has already been realized. "About 80 percent of the returns have been paid out to us," he said. The actual profit is about $137,000, and most of it has been paid out to investors, Cartwright said. ![]() Portfolio companies across the three funds and our highest return to date," he said. "This is the fifth acquisition or recapitalization transaction we've had out of our 17 The sale brought the fund's investors an internal rate of return of 32 percent, which takes into account the present value of future payments, said Tim Cartwright, chairman of Tamiami Angel Funds. Less than six months later, the young company was acquired by Nuance Communications, a multinational computer software technology business headquartered in Massachusetts that provides speech and imaging applications. The fund - the third for Tamiami Angel Funds - invested $265,000 in iScribes in July. ![]() The Tamiami Angel Fund III reported its highest return on an investment with the sale of iScribes, a medical transcription service for physicians, to a publicly traded company. We are very familiar with Nuance’s advanced technology, domain expertise, and world-class technical team and share the company’s mission to make what matters to alleviate the clinical documentation burden on clinicians around the world”, said Saykara, Founder and CEO Harjinder Sandhu.Īccording to Mercom Digital Health Q4 and Annual Funding and M&A Report, Digital Health companies raised a record $14.8 billion in VC funding in 2020.A bet on a health tech company has netted a healthy return for investors in a Naples-based fund. “I welcome the opportunity to rejoin the market leader in conversational AI and ambient clinical intelligence, and the impressive Nuance research and development team – especially at this important juncture in the development and adoption of these AI-powered healthcare innovations. With a shared vision, we will continue our aggressive focus on innovation, growth, and on delivering industry-leading AI-powered solutions that meaningfully address the compelling business problems that our healthcare clients and their clinicians face every day.” This acquisition welcomes some familiar and highly respected technology leaders whom I am excited to have joined our research and development team, which consists of the best and brightest minds in applying AI and machine learning to healthcare. Joe Petro, Nuance Executive Vice President, and Chief Technology Officer, commented: “The complementary technology built by the Saykara team aligns strongly with our technology portfolio and growth strategy as well as the needs of our clients. With this acquisition, Nuance plans to expand its market in conversational artificial intelligence (AI) and ambient clinical intelligence (ACI) solutions that reduce clinician burnout, enhance patient experiences, and improve overall health system financial integrity. With the acquisition, Saykara’s team of engineers, machine learning experts, and technology executives will join Nuance’s research and development team. Nuance Communications, provider of conversational AI and ambient intelligence solutions, acquired Saykara, an AI-powered, voice-activated virtual scribe for physicians.įounded in 2015 by Harjinder Sandhu, Ph.D., Saykara’s AI-powered assistant Kara supports physicians in all medical specialties like hospitals, health systems, ambulatory surgery centers, and independent practices nationwide. ![]()
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