DigitalOwl provides a platform that automatically analyzes medical documents using artificial intelligence and natural language processing to generate case summaries, documents, and medical events. In 2023 the company introduced a Generative AI model specifically designed for insurance-based medical case analysis, developed and trained over the prior two years. The solution produces unrestricted-language summaries that capture nuances necessary for underwriting decision-making and is intended to improve the speed and efficiency of medical document analysis and case summarization. In 2024 DigitalOwl plans to launch an insurance policy underwriting engine based on its self-developed Generative AI engine. The company employs 70 people across Israel and the United States, and the recent capital raise brought its total funding to over $38M. Its technology is being integrated into RGA’s internal underwriting operations as part of a global partnership. DigitalOwl provides a proprietary NLP platform that reads, summarizes, and analyzes scanned medical records, producing chronologically organized, searchable datasets with clickable source links. Its technology extracts over 17,000 medical data points across conditions and procedures, claims greater than 95% accuracy, and is capable of extracting twice as many meaningful medical data points as human-enabled solutions. Customers include insurance companies, reinsurers, TPAs and legal firms, which use the product for fraud detection, underwriting, claims execution and building legal cases. The company operates in the US, Canada and Israel and notes the average medical record contains more than 44,000 words and roughly 2,900 medical extractions. DigitalOwl says its platform presents filtered, focused datasets that surface the most relevant data in a fraction of the time and cost of manual review. The business recently completed a $20M Series A and plans to use proceeds for technology development, hiring across R&D, sales, marketing and client service, and to pursue solutions for other industries. DigitalOwl, founded in 2017 and formerly known as Legal Automation, has developed an AI system that automatically reads and analyzes medical documents to extract the medical information needed for assessing risk and managing claims. The product is focused on health-related insurance products, including life, disability, workers’ compensation and income protection. The system is used by underwriters and claim analysts to streamline document review and information extraction. The company has grown its team from about five people last year to roughly 35 today. Financially, DigitalOwl closed a $6.5 million seed financing round. The round was led by a mix of venture and strategic investors based in Israel and the U.S.

Total raised

$39M

Funding rounds

3

Latest round

Equity

Latest activity

Jan 2024