Augmedix, which provides remote documentation software to the healthcare industry, filed on Friday with the SEC to raise up to $40 million. The company is currently listed on the OTCQX (AUGX).
Augmedix launched its commercial real-time, remote documentation services in 2014. The company focuses most of its efforts in the ambulatory/clinical segment of the patient care market. Roughly 85% of the physicians who subscribe to its service are employed directly by or are affiliated with a healthcare enterprise, and the remaining 15% consists of small practices and individual practitioners. Augmedix has generated in excess of five million medical notes since it began offering its service and are currently delivering over 35,000 notes to its customers each week. To date, the company provides service to four of the top 10 and six of the top 20 US healthcare enterprises.
The San Francisco, CA-based company was founded in 2013 and booked $19 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol AUGX. William Blair and B. Riley Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
