Brazilian startup Carecode has emerged from stealth mode with aspirations to transform the healthcare sector through AI-driven technologies aimed at optimising various administrative processes surrounding medical appointments. The company is developing machine learning-based agents that take on tasks typically handled by call centres, which can reduce operational costs and enhance medical outcomes.
Carecode’s CEO, Thomaz Srougi, who has a familial background in medicine but is not a physician himself, reflected on the importance of interactions that occur before and after consultations with healthcare providers. Speaking to TechCrunch, Srougi noted, “We tend to think that only the moment with the doctor is what matters, but after having spent 10 years in healthcare I realized that those moments [around the appointment] are as important as the medical encounter.” His experience includes founding Dr. Consulta, a medical services scale-up that has successfully raised approximately $168 million in funding.
The startup recently secured $4.3 million in a pre-seed funding round primarily backed by notable venture capital firms such as a16z and QED, alongside participation from Endeavor Catalyst, K50 Ventures, and Latitud Ventures. The funding success highlights a continued appetite for investment in Latin America's startup ecosystem, even amid what has been referred to as a "startup winter." “I think that counts a lot for major VCs, especially when the world is upside down,” Srougi commented, acknowledging the influence of a16z partner Gabriel Vasquez in refining the business concept and guiding the transition from concept to execution.
As part of its strategy, Carecode is leveraging existing tie-ups to validate its service. Initial outcomes from pilot programmes have indicated that the AI agents could replicate most of the functions of conventional healthcare call centres at a significantly reduced cost, while also proactively filling cancelled appointment slots, allowing human workers to focus on more complex issues.
An essential feature distinguishing Carecode is its accessibility, particularly as it engages users on familiar platforms like WhatsApp, facilitating both text and audio messaging. “That’s really important, because older individuals and the majority of low income individuals prefer to send WhatsApp audio instead of typing,” Srougi pointed out, mentioning that voice call functionality is also planned for future development.
This tailored approach sets Carecode apart from other AI initiatives, like Sierra, a similarly focused startup co-founded by Bret Taylor in the United States. The vertical market focus of Carecode allows it to address specific needs within the Brazilian healthcare sector, as opposed to a horizontal strategy that could necessitate multiple disparate solutions and fail to deliver a cohesive customer experience.
The potential market for Carecode's services is substantial; healthcare companies in Brazil reportedly allocate 50% of their revenue—approximately $100 billion annually—towards contact centres and administrative costs. By adopting a vertical model in a vast sector with unique demands, Srougi and his team are optimistic that Carecode can carve out a significant competitive advantage compared to more generic rivals. Looking ahead, Srougi hinted at possible diversification into related markets such as life insurance and payment solutions, stemming from the core healthcare offerings.
Source: Noah Wire Services