Augmedix, which provides remote documentation software to the healthcare industry, raised $40 million by offering 10 million shares at $4. The company had previously been listed on the OTCQX (AUGX). Existing shareholders Redmile Group, DCM, and McKesson Ventures and new investor LifeSci Venture Partners had indicated on $8 million worth of shares in the offering (20% of the deal).
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.
Augmedix plans to list on the Nasdaq under the symbol AUGX. William Blair, B. Riley Securities, and Maxim Group LLC acted as joint bookrunners on the deal.
