Revenue growth FY 2020 to 2022: 390%
2022 revenue: $5.85 million
Technically speaking: Authenticx drives efficiencies for the business side of health care by filtering through millions of client interactions each week—such as recorded audio files, chat files and text files—and using artificial intelligence and algorithms to find themes in the data.
Desired outcome: By working with Authenticx, one hospital system learned that an increasing number of parents were calling for mental health appointments for their adolescents. “We could hear from these conversations that parents were starting to get desperate,” CEO Amy Brown said. “Because we brought this insight to bear and were able to quantify it and give [the hospital] glimpses of these customers’ stories, our clients were able to create a strategy to help address that need and reduce that gap in access to care.”
Clientele: Authenticx works with large enterprise health care companies—five of the top 10 pharmaceutical manufacturers are its clients—as well as a couple of the top five health insurers, Brown said. “They’re sitting on tens of millions of customer conversations, and they want to know what their customers are saying, how do they retain their customers and how do they create a better customer experience that is both efficient and also drives value and customer retention.”
Early financing: Authenticx is a venture-capital-backed company. When Brown started the business in 2018, she bootstrapped it, using her own savings for the first 18 months. When she saw that the company
had real potential, she raised a seed round of money from venture capital firms, then Series A and B rounds
Finances: Brown said the company is having a strong 2023. It closed a $20 million Series B funding round in December. “That is helping us have a nice fuel tank for investing in talent and growth so we can keep evolving,” she said. Authenticx will be using some of the Series B money to double its sales and marketing teams and to build out its machine-learning engineering group. “We want to continue to evolve our capabilities to listen to big data like this,” Brown said. “Our forecast is to double again this year barring any major crisis in the economy.”•
Check out more of IBJ’s ranking of Indy’s fastest-growing companies.