Hyro, a front-runner in the plug-and-play conversational artificial intelligence (AI) sphere, has announced the completion of a $20m Series B funding round.
Led by Macquarie Capital, the investment round also saw participation from new investors Liberty Mutual Strategic Ventures, Black Opal Ventures, and K20, along with existing backers Hanaco Ventures, Spero Ventures, and Mindset Ventures.
This latest funding haul, which brings Hyro’s total capital raised to $35m, enables the company to further meet the increasing demand for conversational AI and automation within the healthcare sector. It positions large organisations to improve access to digital services for patients and staff and dramatically enhance operational efficiencies.
Hyro offers plug-and-play chat and voice interfaces, powered by its proprietary natural language processing (NLP) and knowledge graph technologies, that resolve routine tasks and eases the strain on healthcare organisations. Leveraging AI, Hyro’s platform aids in patient registration, routing, scheduling, IT helpdesk ticketing, answering FAQs, and prescription refills, addressing about 60-70% of all inbound calls and messages from patient and staff populations.
With the fresh capital, Hyro plans to hire top talent across all departments and continue building its no-code platform for AI-powered call centre, web, and mobile solutions. Additionally, the firm aims to expand strategic partnerships, integrations and use cases across key industries where it is witnessing strong traction.
Hyro anticipates that the funding round, along with the surge in popularity of OpenAI’s ChatGPT, Google’s Bard and other large language model (LLM) applications, will catalyse another fiscal year of doubled growth. With an alarming 47% of the current US-based workforce in healthcare planning to exit the industry by 2025, Hyro’s AI-powered communications serves as a natural bridge for the growing labour gap.
Hyro’s CEO and co-founder, Israel Krush, said, “In an age of generative AI, labour shortages and economic struggle, healthcare organisations will look to eliminate low-level tasks to further drive efficiency. We’re poised to capture unprecedented demand for AI assistants as health systems continue trusting us to scale interactions surrounding critical workflows.”
Previously, Hyro has secured $15m in investment and has achieved notable success, growing its annual recurring revenue by over 100% year over year since launching in 2020. It was also named a 2022 Gartner Cool Vendor for its unique NLP and knowledge graph technologies.
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