Israel’s DigitalOwl raises $20M for language processing tech

 Amit Man and Yuval Man of DigitalOwl (photo credit: Ron Shushan)
Amit Man and Yuval Man of DigitalOwl
(photo credit: Ron Shushan)

DigitalOwl, an Israeli company that has developed natural language processing (NLP) technology to analyze and summarize medical records, announced on Wednesday a $20m. Series A round led by New York-based global private equity and venture capital firm Insight Partners.

The company said that the new funding will be used to hire additional staff in technology development, sales, marketing and client service. The round quickly follows the company’s $6.5m. seed announcement in February 2021.

DigitalOwl’s technology reads, summarizes and analyzes medical records for insurance and legal companies to help them better combat fraud, underwrite new plans, execute claims, and build strong legal cases.

Customers upload scanned medical records to DigitalOwl’s platform, which then generates a focused data set with multiple filtering options and easy-to-use navigation. Every condition, date and entry becomes clickable, redirecting users to the source of information in the record.

The dataset is formatted in the form of a summary that puts the most relevant data at the user’s fingertips, all in a fraction of the time and at a fraction of the cost.

 Ambulances parked amid the COVID-19 pandemic outside the Royal London Hospital in London (credit: REUTERS/TOBY MELVILLE) Ambulances parked amid the COVID-19 pandemic outside the Royal London Hospital in London (credit: REUTERS/TOBY MELVILLE)

“For our current and future customers – insurance companies, reinsurers, TPA’s, and others in the insurance and legal industries – this investment will allow us to innovate faster, bringing them the most advanced medical data analysis services available, backed by world-class customer service and a deep bench of domain expertise,” said Yuval Man, CEO and cofounder of DigitalOwl. “It will also support a more robust R&D process, allowing us to unlock valuable solutions for other industries that utilize medical data.”

DigitalOwl currently operates in the US, Canada and Israel to help companies get through the tedious process of manual underwriting and claims analysis. The average medical record holds more than 44,000 words entailing more than 2,900 medical extractions and data points such as procedures, conditions and medications.

DigitalOwl’s technology solution extracts medical data points with greater than 95% accuracy.

“Our solution is a proprietary Natural Language Processing technology that extracts information from hundreds or thousands of pages of scanned medical records in minutes and presents that data chronologically, allowing users to search and filter by condition, date, body part, body system and provider,” said CTO and cofounder Amit Man. “The DigitalOwl system is capable of extracting twice as many meaningful medical data points as any human-enabled solution, at a fraction of the cost.”