It was another action-packed week in what’s shaping up to be a busy 2024, with healthcare operations enabler Fabric acquiring conversational AI assistant Gyant.
If the name Fabric doesn’t ring a bell, that’s because the acquisition announcement was also the grand debut of Florence’s rebranding to the new moniker.
Florence – now Fabric – launched last March with $20M in seed funding to address what it views as the most significant constraint in care delivery: clinical capacity.
- The first stop for Fabric, as with a growing number of patients, was the ED. Using Fabric’s mobile platform, patients in the ED can complete intake forms, update clinical information, initiate self-discharge, and schedule follow-ups.
- The idea is that patients get real-time updates, providers get better ED throughput, and everyone goes home happy.
Fabric then went on to pick up Zipnosis off of Bright Health less than two months after closing its seed round, broadening its product suite with asynchronous telehealth and accelerating its roadmap to new sites of care – particularly the home.
- The cherry on top of the acquisition was that Zipnosis also brought along 50+ health system customers, giving Fabric a foot in the door to start offering its other services.
Enter Gyant, which fits right into Fabric’s clinical capacity strategy by providing a conversational AI assistant that “empowers patients to self-navigate, connecting to them wherever they prefer to engage.”
- Fabric had an existing integration with Gyant that allowed patients using the symptom checker within Gyant’s assistant to initiate telehealth visits powered by Fabric (courtesy of Zipnosis).
- Just to call a DFD a DFD, Gyant basically helps serve as Fabric’s digital front door.
Fabric’s “optimize capacity, streamline admin” value proposition is reaching provider ears at the right time. Since kicking off operations not too long ago, Fabric’s added 70 health systems to its client roster, and has apparently climbed from zero to eight-figures in ARR.
The Takeaway
Through its acquisition of Zipnosis last year, the company then known as Florence made it clear that it was looking to become an end-to-end healthcare operations enablement platform through any path necessary, including M&A. Now with the addition of Gyant, Fabric is walking the talk.
