Funding round
Abridge Series B
Abridge, which works in generative AI solutions development in Philadelphia, raised $30M in a Series B round announced on 26 Oct 2023, led by Spark Capital. 9 firms took part, 1 of them already investors. It is Abridge's third venture round on record; the one before was a Series A in Aug 2022.
$30M
Amount raised
Not disclosed
Post-money valuation
9
Investors
1 lead
Valuation
What this round says about the price
Abridge did not disclose a valuation in this round. It came 14 months after Abridge's Series A. It is 3.9% of the $764M Abridge has raised in the venture rounds on record. Abridge raised again 4 months later: a Series C round of $150M in Feb 2024, at $850M post-money.
Abridge's funding rounds
Abridge has 6 venture rounds on record. This one is highlighted.
- Seed 31 Jan 2019 $5.0M
- Series A 11 Aug 2022, led by Wittington Ventures $13M
- Series B this round 26 Oct 2023, led by Spark Capital $30M
- Series C 23 Feb 2024, led by Lightspeed Venture Partners and Redpoint Ventures $150M$850M post-money
- Series D 17 Feb 2025, led by Elad Gil and Institutional Venture Partners $250M$2.75B post-money
- Series E 1 Apr 2026, led by Andreessen Horowitz $316M$5.30B post-money
Investors
Who put money in
Spark Capital led the round with 8 other firms. Bessemer Venture Partners had backed Abridge before.
Lead investor
- Spark Capital backs 234 venture-backed companies new investor
Also in the round
- Bessemer Venture Partners backs 412 venture-backed companies existing investor
- CVS Health Ventures new investor
- Kaiser Permanente Ventures new investor
- Lifepoint Health new investor
- Mayo Clinic new investor
- SCAN Group new investor
- UC Investments (University of California) new investor
- American College of Cardiology new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
560 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $26M, and this round was 1.2 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 11 Oct 2023 | $252M | not disclosed | Hana Securities and KB Securities |
| Tech Companies | 24 Oct 2023 | $70M | not disclosed | SYN Ventures |
| Tech Companies | 18 Oct 2023 | $53M | not disclosed | Drawdown Fund |
| Tech Companies | 10 Oct 2023 | $43M | not disclosed | Atalaya Capital Management |
| Tech Companies | 26 Oct 2023 | $40M | not disclosed | CapitalG |
| Tech Companies | 18 Oct 2023 | $37M | not disclosed | Quadrille Capital |
| Tech Companies | 10 Oct 2023 | $34M | not disclosed | AlleyCorp |
| Tech Companies | 25 Oct 2023 | $22M | not disclosed | not named |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Abridge raise in its Series B round?
Abridge raised $30M in its Series B round, announced in Oct 2023.
Who led Abridge's Series B round?
Spark Capital led it, with Bessemer Venture Partners, CVS Health Ventures, Kaiser Permanente Ventures, Lifepoint Health and Mayo Clinic and 3 more.
What was Abridge's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Tech Companies?
560 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $26M, and this round was 1.2 times the median.
Did Abridge raise again after this round?
Yes: a Series C round in Feb 2024 of $150M at $850M post-money.