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Synthpop Secures $5.6M in Funding to Revolutionize AI-Driven Healthcare Solution

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BROOKLYN, NY, June 28, 2024-- Synthpop, Inc., an AI-driven platform for healthcare workflows, today announced a $5.6 million Seed round. The round was led by Peterson Ventures, with significant participation from defy.vc, Zelda Ventures, Think+ Ventures, and OVO Fund. Synthpop is serving multiple healthcare providers, including durable medical equipment (DME) providers and independent diagnostic testing facilities (IDTFs).

Since its founding and initial funding in 2023, Synthpop has rapidly gained momentum by leveraging its team of experienced healthcare professionals and AI experts. Synthpop’s AI agents complete tasks related to patient intake and forms processing, data entry, order validation, and untangling complex payor policies and guidelines. According to a 2021McKinsey study, interventions to simplify and standardize healthcare administration could deliver up to $265 billion in annual savings. Synthpop AI solutions aim to do just that, setting new standards for efficiency and accuracy in the competitive AI healthcare space.

The founders, Elad Ferber and Jan Jannink bring decades of experience in AI development, ensuring the ethical and effective application of AI in healthcare. Elad co-founded Spry Health, which was acquired by Itamar Medical (NASDAQ:ITMR) in 2021. His unique experience in bringing machine learning based products to market and digital health entrepreneurship has been instrumental in establishing the company's vision. Jan Jannink co-founded imeem and VoiceBase, held CTO roles in Arrowbase, Atollogy, and Nexus Events, and taught Scalable Systems and Applications of Large Language Models in Stanford's CS department. As a nationally recognized expert in AI, has devised and deployed the novel solutions that serve as Synthpop's foundational architecture.

Synthpop offers comprehensive solutions with four key products to streamline workflows for healthcare providers, suppliers and software services: Fax wrangler, Field Extractor, Order Validation and the highly anticipated “AI caller,” which is currently in beta. These solutions significantly reduce the manual and time-consuming administrative tasks that burden healthcare professionals today.

“We are able to transform 20-minute processes into 2-minute tasks or less. Serving our healthcare provider customers over the past several months, we were able to cut down process complexity and enable faster care delivery. Our customers do not need to use an additional system - our AI operates behind the scenes, getting the job done. We have a unique model of working in tandem with human teams, alleviating the burden of the most mundane and tiring tasks,” says Elad Ferber, CEO and Co-founder of Synthpop. “The pull from the customers to solve acute administrative pain points is unlike what our team has ever seen. Our AI agents can rapidly solve needs that could not be addressed before”.

“We invested in Synthpop because we believe in their vision to create AI assistants that automate manual workflows in healthcare. Their technology significantly improves efficiency of their customers while addressing the supply/demand imbalance of administrative professionals in healthcare. Elad and Jan bring both industry and AI/ML expertise, making Synthpop a standout in healthcare AI. We are excited to support their mission to revolutionize healthcare operations,” says Ilana Stern, General Partner at Peterson Ventures.

Medha Agarwal, Partner at Defy.vc, highlighted the potential impact of Synthpop’s technology: "Synthpop is at the forefront of AI innovation in healthcare operations. Their deep understanding of the industry’s needs in terms of balancing efficiency and accuracy with integrating into existing workflows has allowed them to build and make an impact quickly. We are excited to support Synthpop as they work to reduce the high cost of back office operations in healthcare."

Synthpop will use this round of capital to hire additional engineering team members, enhancing their ability to provide agile software development and frequent updates to the system as they expand into various healthcare industries. They plan to exhibit and speak at several conferences throughout 2024 to demonstrate the potential of AI to revolutionize healthcare.

To connect with the Synthpop team, reach out at contact@synthpop.ai.

About Synthpop

Synthpop leverages multimodal Large Language Models (LLMs) to streamline healthcare, one workflow at a time. Synthpop’s AI agents perform complex healthcare administrative tasks - from referral sorting and processing, to instantly validating medical orders and prescriptions by referencing payor and clinical guidelines. Synthpop's AI Agents can navigate complex payor phone trees, freeing up your team to perform more critical tasks. Following Standard Operating Procedures, Synthpop’s agents are accurate and tireless, allowing you to scale your business to get more patients the care they are prescribed. www.synthpop.ai

About Peterson Ventures

Peterson Ventures is a leading early-stage venture firm based in Utah and the Bay Area. Currently investing out of its Fund IV with a first check size up to $2.5M, Peterson leads rounds at the pre-seed and seed stages across SaaS and Digital Commerce (in verticals including fintech, and healthcare, and future of work). The Peterson Ventures portfolio consists of almost 100 companies, including 6 unicorns and companies like Allbirds, Lucid Software, SmartAsset, Nomi Health, Workstream, Loop Returns, Cotopaxi, and more. www.petersonventures.com/

About defy.vc

Founded in 2016, Defy is a Silicon Valley based early stage venture capital firm. Defy was founded to invest in entrepreneurs and companies looking to solve complex problems. Defy's focus is to help early stage companies mature and scale into companies ready for growth capital. The firm's team has more than 50 years of venture experience, successful operating backgrounds and actively helps successful entrepreneurs grow companies from inception through exit. Connect with Defy at https://defy.vc/ and @defyvc

Contact:
Media Contact
Ellie Tippett, KCPR
ellie@kcpr.com

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