Nym raises $47 million for autonomous medical coding platform
The Israeli startup has developed an engine that integrates with hospitals' and clinics' data systems in the U.S., analyzing patient medical records to facilitate communication with insurance companies.
Nym, a startup that develops a platform for autonomous medical coding, has completed a $47 million funding round led by the PSG fund, which invests in growth-stage technology companies. Existing investors, including Google Ventures, Addition, and DLC, also participated. This new round brings Nym’s total funding to $92 million since its founding in 2018 by Amihai Neiderman and Adam Rimon. Although both founders are no longer involved in day-to-day management, Neiderman still serves on the board, while Or Peles has been the CEO since 2022. Nym employs 84 people in Tel Aviv and New York, and the new funds will primarily be used for hiring and expanding its presence in the U.S. market.
Full list of Israeli high-tech funding rounds in 2024
Nym has developed an engine that integrates with hospitals' and clinics' data systems in the U.S., analyzing patient medical records to facilitate communication with insurance companies. The autonomous medical coding engine uses AI to understand clinical language, accurately assign medical codes, and link those codes to patient records in a way that is auditable and compliant with regulatory standards.
This automation significantly reduces the administrative burden on hospitals, allowing them to focus more on patient care. The American healthcare system uses approximately 150,000 medical codes to represent patient information, making the process of coding complex and time-consuming, with skilled coders often taking up to half an hour to keep up with the latest codes. This manual process is also prone to human error, high employee turnover, and delays in billing, contributing to overall administrative costs, which are estimated to account for 10% of U.S. healthcare expenditure—hundreds of billions of dollars annually.
Nym’s platform currently supports six specialties, including emergency medicine, radiology, outpatient surgery, and outpatient clinics. In the past year, the company processed over 6 million medical records for dozens of clients, including hospitals and physician groups in the U.S. The platform has helped improve coding accuracy to over 95%, reduce administrative costs by up to 35%, and boost revenues by 5% through fewer rejected claims and faster billing cycles.
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“We are passionate about helping the U.S. healthcare system operate more efficiently. Across our team of physicians, computational linguists, researchers, engineers, and medical coders, we’re energized by the opportunity to deliver AI that creates value for care providers and patients,” said Or Peles, CEO of Nym. “We’re excited about our momentum as we continue to expand our multi-specialty solution to support new care areas, and we look forward to leveraging PSG’s experience scaling healthtech and AI-driven businesses.”
PSG, which was founded in 2014 and operates in the U.S., Europe, and Israel, specializes in investing in technology companies and supporting their growth. The fund has invested in 140 companies and assisted in the acquisition of an additional 500 companies.
“In our view, autonomous medical coding is the clear direction of travel for the healthcare industry due to the persistent shortage of medical coders and unmitigated costs, among other factors,” said Rotem Shacham, Director at PSG. “We believe Nym is set to maintain its position as a leading autonomous medical coding provider due to its AI-powered engine’s ability to help improve financial performance, operational efficiency, and compliance, enabling providers to focus on patient care.”
