NEW YORK, September 17, 2024 – Institutional Venture Partners (IVP), a US-based venture capital investment firm focusing on fast-growing technology companies, selected Fabric for its Inaugural IVP Health AI 35. The report spotlights 35 companies using AI to create tangible value across patients, providers, pharmaceutical companies, and payers. Fabric is the only company in the report that serves all four groups, offering AI-powered tools across the care journey that automates work for providers and administrative staff.
"The healthcare industry is a double-edged sword—tough for companies to break into, but incredibly sticky once they do. That's why we look for health AI companies that practitioners actually use—those with a clear technological edge and a unique go-to-market strategy," the report states. Fabric plays a unique role in the healthcare market with its deep investment in clinical intelligence, generative AI, and natural language processing.
The Fabric team is committed to enabling omnichannel access and digital transformation. Fabric combines advanced conversational AI and physician-built clinical logic, enabling healthcare organizations to confidently adopt AI solutions that ensure seamless, safe, and effective patient experiences. This technology powers Fabric’s integrated platform, which includes an AI assistant, symptom checking, virtual care, care pathways, provider search, and scheduling.
Fabric streamlines all phases of the patient journey, starting at the Digital Front Door®, automating clinical symptom gathering, triage, navigation, and pre- and post-visit engagement. Organizations benefit from a 35% reduction in call center wait times and a double-digit decrease in readmission rates. Fabric's virtual care platform leverages an expert system that reduces clinical work time to 89 seconds, making providers 10x more efficient.
"Healthcare faces critical headwinds in provider shortages, rising demand, increased wait times and eroding margins. The Fabric team is driven to address these challenges with AI-powered solutions that drive efficiencies, automate workflows, and improve the quality of care," said Aniq Rahman, CEO and founder of Fabric. "It's an honor to be recognized by the IVP team for our continued investment in AI and commitment to helping healthcare organizations leverage technology to maximize their clinical capacity."
About Fabric
Fabric is a health tech company that powers healthcare providers to move faster, work smarter, and deliver better care to patients, employees, and health plan members. Leveraging conversational AI, asynchronous telehealth, and intelligent adaptive interviews, Fabric unifies virtual and in-person care across intake, triage, routing, and treatment while automating clinical workflows and consumer journeys. Enabled by Fabric's technology, the company offers flexible virtual staffing models through its 50-state clinical network that provides virtual urgent care, primary care, and behavioral health. The organization serves 30,000 employers and enterprise organizations, including Luminis Health, OSF HealthCare, MUSC Health, Highmark, and Intermountain Health. Fabric is backed by General Catalyst, Thrive Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures, BoxGroup, and Atento Capital.