Funding brings new investment from TCV and participation from existing investors Oak HC/FT, Section32, and Verily. Syllable's AI-powered healthcare technology transforms health system contact centers and improves the patient experience
SUNNYVALE, Calif., April 28, 2022 /PRNewswire-PRWeb/ -- AI-enabled healthcare automation leader Syllable today announced a $40 Million Series C funding round to further improve the patient experience with intelligent voice solutions for health system call centers and medical practice offices.
Funding was led by growth equity firm TCV with participation from existing investors Oak HC/FT, Section32, and Verily and will be used to further develop Syllable's main solution, the Syllable Patient Assistant, which meets patients where they are - on the phone, web, and via SMS. Syllable connects patients with the information and care they need, when they need it.
Leveraging machine learning (ML) and natural language understanding (NLU), Syllable's platform improves the patient experience and satisfaction while decreasing operational costs and staffing burdens for health systems.
The rate of deployment of Syllable at U.S health systems has been accelerating with the increase in calls to healthcare providers post-COVID and the increased burden in staffing for healthcare call centers, medical practice offices, and hospital departments. Adoption has also been accelerated by increasing awareness of patient dissatisfaction with the current state of U.S. healthcare, sparked by rising patient expectations and demands for improved access to care at health systems, demands for convenience, and increased personalization of care.
Health systems face increasing challenges with recruiting staff for patient-facing functions on the phone at hospitals and the front desk at medical practices. Many health systems have implemented digital tools to augment staff shortages. However, challenges remain with digital transformation in healthcare; integration issues are top of mind for health systems, and patients are increasingly demanding more consumer-friendly service from healthcare providers.
"Implementing truly patient-centric call center automation and digital self-service tools are critical steps for health systems to better serve their patients. Syllable's technology platform and approach is poised to do just that," TCV General Partner Matt Brennan said. "We're excited to back a company on a mission to help improve the patient experience while enabling health systems to thrive."
"Syllable's automation has demonstrated our ability to modernize the healthcare contact center and improve the patient experience. We work closely with health systems to provide intelligent, automated features with the Syllable Patient Assistant, and focus on improving access to care for all patients in the U.S." Kobus Jooste, CEO of Syllable, said. "We look forward to our new relationship with TCV and continuing to serve our health system partners by expanding the deployment of Syllable for patients."
Syllable is an AI-enabled healthcare services company that transforms the way health systems provide access to care. Long call hold times, rerouted or dropped calls and dead ends can all contribute to a frustrating patient experience and make it cumbersome to access vital care quickly. Poor search functionality on the health system website and frustratingly hard to use patient portals confuse patients.
Syllable helps patients navigate health care options with empathy, transparency and intelligence from the moment they request care by dialing the phone or visiting a health system's website. Since 2018, Syllable's solutions have been in use by some of the largest and most respected health systems across the United States. Learn more at syllable.ai.
Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into dominant industry players across internet, software, FinTech and enterprise IT. TCV has invested over $16 billion to date and has helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Believe, Brex, Dream Sports, FarEye, HireVue, Mollie, Nubank, Razorpay, Netflix, Nerdy, RELEX Solutions, Revolut, RMS, Sportradar, Spotify, Trade Republic, The Pracuj Group and Zepz. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late-stage and public company investments, and has offices in Menlo Park, New York and London. For more information about TCV, including a complete list of TCV investments, visit TCV.com.
Amanda Burgess, Syllable, 44 7920 052 160, [email protected]