AI startup Scribenote raises $8.2 million in Andreessen Horowitz-led funding round

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(Reuters) – Scribenote, a startup that uses AI to generate medical records for veterinarians, said on Monday it has raised $8.2 million in an early-stage funding round led by venture capital firm Andreessen Horowitz.

The fundraise also saw participation from venture capital firm Inovia Capital and Velocity Fund, which invests in early-stage startups.

It wasn’t immediately clear at what valuation the funds were raised.

Startups deploying artificial intelligence have seen strong investor interest this year, with five such companies raising more than $1 billion in 2024. Generative AI heavyweight OpenAI is also in talks to raise $6.5 billion in a funding round that would value the company at $150 billion.

Scribenote, founded in 2019, uses artificial intelligence to automate documentation of medical records for veterinarians.

It has automated more than 1.5 million medical records in less than a year, the company said.

In March this year, Reuters reported Andreessen Horowitz was nearing a $7 billion fund that would target startups in multiple industries, including AI. It participated in the $6-billion series B funding of Elon Musk’s AI startup xAI in May.

(Reporting by Rishi Kant in Bengaluru; Editing by Leroy Leo)