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Clinical Ai Technology Leader Mendel Raises $18M In New Capital

Jun 07, 2021•over 4 years ago

Amount Raised

$18 Million

Description

Today, Mendel, the company behind the clinical AI platform that understands the unstructured, natural language content within medical documents, announced it has raised $18 million in Series A funding. The oversubscribed round was led by DCM, a global venture capital firm, with participation from OliveTree, Zola Global Investors and Millennium Technology Value Partners. Return investors include Launch Capital, SOSV, Bootstrap Labs and Chairman of UCSF Health Hub Mark Goldstein. Olive Tree Managing Partner, Nichola Eliovits, will join the board.

Company Information

Company

Mendel

About

The Mexico-based startup closed the $15 million Series A round and $20 million debt financing after participating in Y Combinator’s Winter 2021 cohort. , all these companies are targeting the startups/SMB sector. The startup, which is focused on the Mexican market for now, has started strong — onboarding more than 150 clients (such as Mercado Libre, PetCo and Telcel) in the first months since it launched earlier this year. Currently, its payment volume is growing 2x week over week, according to Karpovsky. The B2B payment market in Mexico is a massive opportunity, the company believes, especially considering how few payments are made by cards. Mendel says its software gives finance teams a way to manage card transactions in real time, set granular spend rules and track spending from a central dashboard. Mendel says its payment volume (GTV) has increased by 100x in the last three months. Presently, Mendel has 70 employees and it expects to end 2022 with 200. As we have seen with the success of other corporate card and expense management startups globally, we believe that Mendel has the team, technology, and tenacity to become the leader in Latin America.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech