AssistIQ Secures $11.5M to Revolutionize Hospital Supply Chains with AI

AssistIQ, a healthcare technology company specializing in AI-driven supply chain solutions, has announced the successful closure of an $11.5 million Series A funding round. The investment was led by Battery Ventures, with participation from existing investor Tamarind Hill. As part of the deal, Battery Ventures Principal Brandon Gleklen will join AssistIQ’s Board of Directors.

Hospitals in the United States have experienced a 6.5% annual increase in medical and surgical supply expenses since 2017, reaching $57 billion in 2023. Contributing factors include variability in product usage and waste from unused surgical items. Additionally, missed charges for billable supplies due to inadequate tracking further exacerbate revenue losses.

AssistIQ aims to mitigate these challenges through its AI-powered platform that utilizes computer vision to accurately capture every implant and supply item used during surgical procedures. This technology replaces traditional barcode scanning and manual documentation, providing real-time, automated visibility into supply usage. The platform seamlessly integrates with major Electronic Health Records (EHRs) like Epic and GE, as well as enterprise resource planning (ERP) systems, embedding into existing hospital infrastructures to streamline operations.

The implementation of AssistIQ's platform has led to significant improvements in hospital operations:

• Achieving charge capture rates of 98% or higher.

• Providing actionable insights that suggest supply savings of up to 25%.

• Reducing clinical and billing documentation time substantially.

Northwell Health, New York State’s largest healthcare provider, is currently deploying AssistIQ across all operating rooms at North Shore University Hospital and the Dorothy & Alvin Schwartz Ambulatory Surgery Center. As a design partner, Northwell has played a crucial role in shaping the clinical and supply chain integration of AssistIQ’s flagship product, AIQ Capture.

Earlier this year, Owensboro Health Regional Hospital in Kentucky became the first U.S. hospital to integrate AIQ Capture with Epic, streamlining clinical workflows and enhancing usability for frontline teams. AssistIQ plans to expand its integrations with additional health systems in the coming months.

With the new funding, AssistIQ intends to accelerate product development, expand its team, and deepen partnerships with leading health systems. The company remains committed to empowering healthcare providers with AI-driven insights to improve margins, drive sustainability, and enhance patient care.

Reference:

1. Pennic, Fred. “AssistIQ Secures $11.5M to Transform Hospital Supply Chains with AI.” HIT Consultant, May 28, 2025. https://hitconsultant.net/2025/05/28/assistiq-secures-11-5m-to-transform-hospital-supply-chains-with-ai/.

(Input from various sources)

(Rehash/Sakshi Thakar/MSM)