Company · Agents & apps
Abridge revenue, valuation & funding
Abridge was valued at $5.3B when it closed a $316M Series E extension in April 2026. It reported $117M in contracted annual recurring revenue in Q1 2025. It's a private company with no IPO filing, and its CEO has said he wants to keep every option open.
At a glance
- Valuation: $5.3B at its April 2026 Series E extension, the same figure as its June 2025 Series E.
- Revenue: $117M in contracted annual recurring revenue in Q1 2025, as reported. Abridge publishes no audited results.
- Status: private. No stock ticker and no IPO filing.
- Founded: 2018.
- CEO: Shiv Rao, a co-founder who also practices as a cardiologist at UPMC.
- Investors: Andreessen Horowitz, Khosla Ventures, Elad Gil, IVP, Lightspeed Ventures, NVentures and Eli Lilly, among others.
- Products: one AI platform with three experiences, for clinicians, revenue cycle and nursing.
- Headquarters: Pittsburgh, according to Sacra.
- On Real Alpha: 8 moments of its people talking, from 1 interview.
Is Abridge public? Can you buy its stock?
No. Abridge is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol.
Shiv Rao told Fortune in July 2025, "I think we need to preserve all the optionality in the world." He meant the choice between going public and staying private, and he cited decades of runway. No IPO filing has been made.
Its shares are held by its founders, staff and investors. Sacra says Epic also holds an equity stake. This page reports facts and gives no investment advice.
Valuation, round by round
Its valuation went from $850M in February 2024 to $5.3B in June 2025, more than six times, and held at $5.3B for the April 2026 extension.
| Date | Valued at | Raised | Led by | Source |
|---|---|---|---|---|
| Apr 2026 | $5.3B | $316M | — | Fortune |
| Jun 2025 | $5.3B | $300M | Andreessen Horowitz | TechCrunch |
| Feb 2025 | $2.75B | $250M | Elad Gil and IVP | Fortune |
| Feb 2024 | $850M | $150M | Lightspeed Ventures | TechCrunch |
No lead investor has been reported for the April 2026 extension. Eli Lilly's June 2026 investment was of undisclosed size.
Revenue
Abridge doesn't publish results. TechCrunch reported $117M in contracted annual recurring revenue in Q1 2025, and Sacra estimated $100M in ARR in May 2025, up from $60M at the end of 2024.
| Date | Figure | Basis | Source |
|---|---|---|---|
| Jun 2025 | $117M | Reported | TechCrunch |
| May 2025 | $100M | Estimate | Sacra |
A run rate is a month's revenue times twelve and isn't audited revenue. No 2026 revenue figure has been reported.
How Abridge makes money
Abridge sells enterprise software licenses directly to healthcare provider organizations, according to Sacra. Health systems buy it for their clinicians.
- Per-clinician licenses. Sacra estimates the price at about $2,500 per clinician per year. Sacra
- Epic. Sacra says Abridge gave Epic an equity stake and an ongoing revenue share. It calls this Abridge's main go-to-market advantage. Sacra
- Payers and drugmakers. In June 2026 Abridge expanded its platform to connect with payers and life science companies. Healthcare Dive
- Government. In September 2026 it was selected through a distribution partner for a VA enterprise contract. The contract's ceiling is $775.72 million over five years, shared among all eligible vendors. HIT Consultant
From Abridge's interviews
- 27:00 Clinical notes connect care delivery to healthcare paymentShiv Rao · Upstarts · Jul 2026
- 23:20 Abridge started with providers to build a three-sided networkShiv Rao · Upstarts · Jul 2026
- 40:25 Abridge routes work between in-house and frontier modelsShiv Rao · Upstarts · Jul 2026
Products
Abridge sells one platform with three tailored experiences, according to its website.
- Clinicians. AI-powered clinical documentation drafted from the conversation in a visit. Abridge
- Revenue Cycle. Billable documentation, automated from the start of the visit. Abridge
- Nursing. A version of the platform built for nurses. Capabilities across the platform include Assistant and Care Signals. Abridge
- Clinical decision support. Sacra says partnerships with NEJM and JAMA were announced in April 2026. Sacra
- A foundation model with Nvidia. Announced in June 2026, it is meant for clinical conversations. Healthcare Dive
- Altrina. In July 2026 Abridge bought this Y Combinator-backed maker of AI workflow agents. Its co-founders Mo Nasir and Harvey Hu joined Abridge. TechTarget
From Abridge's interviews
- 12:04 Abridge used UPMC funding and data to build its early AIShiv Rao · Upstarts · Jul 2026
- 20:07 IBM Watson lost trust by promising more than it could deliverShiv Rao · Upstarts · Jul 2026
Customers
Abridge works with more than 300 health systems as of June 2026, according to Healthcare Dive. They include Kaiser Permanente, Johns Hopkins Medicine and Yale New Haven Health.
In September 2026 it expected to support more than 100 million patient-clinician conversations that year, per HIT Consultant.
- Veterans Affairs. Abridge runs in more than 75 VA medical centers after a nationwide pilot, as reported in September 2026. HIT Consultant
- Kaiser Permanente. Sacra says its rollout covers 24,600 physicians across 40 hospitals and 600 clinics. Sacra
- KLAS. Sacra says KLAS named Abridge Best in KLAS for Ambient AI in Revenue Cycle Management two years running, most recently in February 2026. Sacra
From Abridge's interviews
- 17:00 Abridge moved from a consumer app to enterprise for scaleShiv Rao · Upstarts · Jul 2026
Leadership
- Shiv Rao, co-founder and CEO. He also practices as a cardiologist at UPMC. Abridge
- San Oo, chief technology officer. Abridge
- Brian Wilson, chief commercial officer. Abridge
- Janie Lee, vice president of product. Abridge
From Abridge's interviews
- 43:21 A difficult IVF journey shaped Abridge’s missionShiv Rao · Upstarts · Jul 2026
Who owns Abridge?
Its founders, staff and investors. As a private company it doesn't publish who holds what. Fortune reported in June 2026 that it had raised about $830 million to date.
- Andreessen Horowitz led the $300M Series E in June 2025, with Khosla Ventures taking part. TechCrunch
- Elad Gil and IVP co-led the $250M Series D in February 2025. Fortune
- Lightspeed Ventures led the $150M Series C in February 2024. TechCrunch
- NVentures, Nvidia's venture arm, is among its backers. Fortune
- Eli Lilly made a strategic investment in June 2026. The size wasn't disclosed. Healthcare Dive
- Epic holds an equity stake, according to Sacra. Sacra
Competitors
Shiv Rao describes Microsoft's Nuance as the rival Abridge set out to beat with health systems. Sacra also names smaller AI documentation startups.
- Microsoft, through its Nuance product. Rao says Abridge took it on with a conversation-first approach.
- Nabla, a France-based AI documentation startup, per Sacra. Sacra
- DeepScribe, which Sacra says focuses on smaller clinics with a lower-cost product. Sacra
- Freed and Heidi Health, which Sacra says sell bottom-up to individual physicians and small practices. Sacra
What its people said about the competition
- 31:32 Abridge challenged Microsoft with a conversation-first visionShiv Rao · Upstarts · Jul 2026
Timeline and latest news
From its founding to the latest reports, newest first.
- Sep 22, 2026Latest
Selected for a VA enterprise contract with a $775.72M ceiling over five years, shared among vendors. HIT Consultant - Jul 28, 2026Latest
Bought Altrina, a Y Combinator-backed maker of AI workflow agents. TechTarget - Jun 12, 2026Latest
Reported working with more than 300 health systems. Healthcare Dive - Jun 11, 2026
Eli Lilly made a strategic investment of undisclosed size. Healthcare Dive - Jun 11, 2026
Announced work with Nvidia on a foundation model for clinical conversations. Healthcare Dive - Jun 11, 2026
Expanded its platform to connect with payers and life science companies. Healthcare Dive - Apr 8, 2026
A proposed class action over the use of its scribe was filed against Sutter Health and MemorialCare. TechTarget - Apr 2026
Closed a $316M Series E extension at a $5.3B valuation. Fortune - Apr 2026
Announced partnerships with NEJM and JAMA, per Sacra. Sacra - Feb 2026
KLAS named it Best in KLAS for Ambient AI in Revenue Cycle Management for a second year, per Sacra. Sacra - Jul 2, 2025
Shiv Rao told Fortune that Abridge should keep its options open on going public. Fortune - Jun 24, 2025
Raised $300M at a $5.3B valuation, led by Andreessen Horowitz. TechCrunch - Jun 24, 2025
TechCrunch reported $117M in contracted ARR for Q1 2025. TechCrunch - Feb 17, 2025
Raised $250M at a $2.75B valuation, co-led by Elad Gil and IVP. Fortune - Feb 2024
Raised $150M at an $850M valuation, led by Lightspeed Ventures. TechCrunch
Legal matters
A proposed class action targets two health systems over their use of Abridge's scribe. No later status of the case has been reported.
- Sutter Health and MemorialCare (filed April 8, 2026, Northern District of California). The suit alleges they used Abridge's ambient AI scribe without patient consent. Sutter said it was reviewing the case. TechTarget
In their own words, and what followed
What people said about the business, with the minute they said it, and what was reported after.
Shiv Rao on Upstarts · Jul 23, 2026
“the center of gravity to really create scale here is the enterprise.”
17:00 Abridge moved from a consumer app to enterprise for scale
Reported after
In September 2026 Abridge won a place on a VA enterprise contract. It already ran in more than 75 VA medical centers. HIT Consultant
Shiv Rao on Upstarts · Jul 23, 2026
“It turned out being ourselves was like such a counter-positioning advantage against Microsoft.”
31:32 Abridge challenged Microsoft with a conversation-first vision
Reported after
In September 2026 it expected to support more than 100 million patient-clinician conversations across more than 300 health systems that year. HIT Consultant
Shiv Rao on Upstarts · Jul 23, 2026
“the AI understands what the health system wants to get into that note”
27:00 Clinical notes connect care delivery to healthcare payment
Reported after
Five days later TechTarget reported that Abridge had bought Altrina, a maker of AI workflow agents. TechTarget
Questions people ask
Is Abridge a public company? Can I buy Abridge stock?
No. Abridge is private and has no ticker, so its shares aren't sold on any exchange. It hasn't filed for an IPO.
When will Abridge IPO?
It hasn't announced a plan. Shiv Rao told Fortune in July 2025 that it should keep the choice open. No filing has been made.
Who owns Abridge?
Its founders, staff and investors, including Andreessen Horowitz, Khosla Ventures, Elad Gil, IVP, Lightspeed Ventures, NVentures and Eli Lilly. Sacra says Epic holds an equity stake.
Who is the CEO of Abridge?
Shiv Rao, a co-founder who also practices as a cardiologist at UPMC.
Who founded Abridge?
Shiv Rao is a co-founder. Abridge was founded in 2018, per Healthcare Dive. 43:21
How much is Abridge worth?
$5.3B at its April 2026 Series E extension, per Fortune.
How much revenue does Abridge make?
TechCrunch reported $117M in contracted annual recurring revenue in Q1 2025. No 2026 figure has been reported.
Is Abridge profitable?
It doesn't publish results and hasn't said whether it makes a profit. Shiv Rao has said routing work between models helps its unit economics. 40:25
How does Abridge make money?
It sells enterprise licenses to health systems. Sacra estimates about $2,500 per clinician per year. 27:00
Who are Abridge's customers?
More than 300 health systems as of June 2026, including Kaiser Permanente, Johns Hopkins Medicine and Yale New Haven Health, per Healthcare Dive. 17:00
Where is Abridge headquartered?
Pittsburgh, according to Sacra.
Who are Abridge's competitors?
Microsoft's Nuance, and startups such as Nabla, DeepScribe, Freed and Heidi Health, per Sacra. 31:32
Every moment from Abridge's people
8 moments from 1 interview on 1 show, newest first. Each one plays from the minute it starts.
Upstarts · Jul 23, 2026 · 8 moments
Abridge’s Shiv Rao: Taking On Microsoft To Cure Doctor Burnout With AI
- 31:32 Abridge challenged Microsoft with a conversation-first vision 4 min
- 27:00 Clinical notes connect care delivery to healthcare payment 3 min
- 43:21 A difficult IVF journey shaped Abridge’s mission 3 min
- 12:04 Abridge used UPMC funding and data to build its early AI 5 min
- 23:20 Abridge started with providers to build a three-sided network 3 min
- 40:25 Abridge routes work between in-house and frontier models 3 min
- 17:00 Abridge moved from a consumer app to enterprise for scale 3 min
- 20:07 IBM Watson lost trust by promising more than it could deliver 2 min
People on Real Alpha
- Shiv Rao, Co-founder & CEO, Abridge · 8 moments
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How this page is sourced
Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it. Spotted something that's off? .
Last checked Nov 6, 2026