Health care AI startup led by Aniq Rahman raises $60 million from General Catalyst, Thrive, GV

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February 21, 2024 -Fabric Labs Inc., a startup that uses artificial intelligence to automate clinical and administrative work in health care, has raised $60 million in a funding round led by General Catalyst.

The startup provides health systems with a telemedicine platform, plus software that aims to streamline processes like patient intake and symptom collection. The company also allows patients to search for their symptoms or conditions, said Aniq Rahman, the company’s chief executive officer. “We have protocols that map to about 400 unique diagnoses,” Rahman said.

Earlier this year, Fabric announced it had purchased a conversational AI startup, Gyant, as a virtual care assistant for patients so they can talk to a chatbot about topics including their symptoms.

Rahman said Fabric plans to use the funding to expand its 130-person staff, potentially doubling it by the end of the year. “A year ago, we were only 10 people,” he said, adding that the startup’s virtual care product has helped treat about 5 million patients. The company declined to give its valuation.

Fabric is the latest investment at the intersection of health and technology for venture capital firm General Catalyst. With an increasing focus on health tech, the firm recently announced it had formed a new business, Health Assurance Transformation Corp. Earlier this year, the new company said it had signed a letter of intent to acquire Summa Health, a nonprofit health care system in Ohio with more than 30 physical locations.

Existing Fabric investors, including Thrive Capital, GV and Salesforce Ventures, also participated in the funding round.