- Funding comes from General Catalyst, with continued participation from Thrive Capital, GV (Google Ventures), Salesforce Ventures, Box Group, and others.
- Fabric will use the funding to bolster its technology and team, accelerating the development of innovative solutions that serve 70 health systems, 3,800+ clinicians, and millions of patients across urgent, emergency, surgical, and primary care.
- Funds will also be used to advance AI solutions and explore strategic acquisitions.
New York, NY (February 21, 2024) — Fabric, developers of a leading care enablement system that is humanizing care by automating clinical and administrative work, today announced its $60M Series A funding, led by General Catalyst, with continued participation from Thrive Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures, Box Group, and Atento Capital. The funding comes on the heels of Fabric’s strategic acquisition of GYANT, a conversational AI care assistant and patient engagement suite, propelling the company forward and marking a significant leap towards fixing the patient-to-clinician journey by enhancing accessibility, efficiency, and outcomes for both in-person and virtual care interactions.
Fabric will dedicate a large portion of the funding to team growth and advancement of its care enablement system that delivers convenience and workforce automation through a unified platform that replaces a patchwork of fragmented technology solutions. Patients benefit from self-service features and post-visit engagement, while clinicians gain efficiency through streamlined workflows. Fabric will further use the funding to advance AI capabilities to enhance customer efficiency and pursue strategic merger and acquisition opportunities that align with its overarching vision for a comprehensive care enablement system.
“Our team has what we think is a unique view of the challenges in healthcare across our health system partnerships, and in order to solve the largest problems, we believe you have to address one of the biggest constraints: clinical capacity,” said Holly Maloney, managing director at General Catalyst. “Aniq and Aiden are repeat entrepreneurs that we admire, and believe they have the right end-to-end care system, network and relationships in place to uniquely address these challenges, and we are excited to join them as they grow."
Provider burnout has already reached crisis levels, and with a predicted shortfall of over 100,000 physicians in the next decade, the healthcare system threatens to come apart at the seams. Fabric improves clinical capacity and increases access to care by swiftly identifying patient symptoms through AI and directing them to appropriate care settings, such as primary and urgent care visits or virtual care. To date, Fabric has completed over 12M patient interactions while streamlining processes for more than 3,500 clinicians.
In addition, Fabric has 70 leading enterprise health customers on its platform, including Luminis Health, a non-profit health system providing care for 1.8 million people.
"Fabric addresses capacity constraints by streamlining workflows before, during, and after an encounter— across virtual and in-person care," said Saad Chaudhry, Luminis Health's chief digital and information officer. "In our emergency department, nurses save time due to the efficiency of Fabric's In-person Care Suite. Additionally, patients who use these tools experience a nearly 33% reduction in left-without-being-seen rates. Fabric's expanded suite helps us drive automation and efficiency from onset through post-visit care—removing barriers to access.”
Fabric streamlines virtual and in-person visits by employing intelligent adaptive interviews that automate symptom gathering and provider documentation, increasing provider efficiency 2-10x depending on the setting. Online chat features leverage conversational AI to empower patients with self-service features, including symptom checking and appointment scheduling. The results include a 30% decrease in contact center volume, more than a 35% decrease in call center wait times, and increased utilization of unfilled visit blocks. Post-encounter reminders additionally decrease hospital readmission rates by more than 10%.
"We are thrilled to announce our partnership with General Catalyst for our next phase of growth," said Aniq Rahman, founder and chief executive officer at Fabric. "Healthcare faces unprecedented challenges, including rising demand, underlying costs, and staffing constraints, which pose significant barriers to access. With the investment, we will continue addressing these challenges and further our mission of providing boundless care through seamless and intuitive experiences."
How Fabric works:
- Navigates Patients from Symptom Onset: Quickly identify patient symptoms with conversational AI and navigate patients to ideal care settings, including scheduling primary care visits and routing to urgent and virtual care–decreasing contact center demand by 30%.
- Fast Tracks Virtual Visits: Gather patient symptoms and condition-specific information with intelligent adaptive interviews, reducing wait times to 7 minutes and provider work time to as little as 89 seconds.
- Streamlines In-Person Care: Drive clinical efficiency through mobile intake forms and automated clinical symptom gathering, reducing documentation time and total visit length.
- Increases Adherence and Engagement: Automate follow-up engagement to reduce readmissions, drive system loyalty, and increase PCP attachment with patient self-scheduling via an integrated organization-specific provider directory.
To learn more about Fabric and request a demo, visit www.fabrichealth.com.
About Fabric
Fabric is a health tech company that powers healthcare providers to move faster, work smarter, and deliver better care through its care enablement system. The system offers three solutions: In-Person Care Suite, Virtual Care Suite, and Engagement Suite. Leveraging conversational AI and intelligent adaptive interviews, Fabric unifies virtual and in-person care across intake, triage, routing, and treatment while automating workflows for staff. Built by a team of physicians and clinical informaticists, Fabric protocols uphold excellence in care quality while offering omnichannel access for patients. The results enable clinicians to work 2-10 times faster (dependent on setting), decrease call center volume by 15%, and increase utilization of unfilled visit blocks. Some of Fabric’s customers include Luminis Health, OSF HealthCare, MUSC Health, and Intermountain. Fabric is backed by General Catalyst, Thrive Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures, BoxGroup, and Atento Capital.