Procode AI launches with $4mn and acquisition of The Auctus Group

Procode AI, an artificial intelligence-powered revenue cycle management (RCM) company, has launched from stealth with USD 4mn in funding and the acquisition of The Auctus Group, a billing firm serving plastic surgeons and dermatologists across the US.

The funding round was led by Story Ventures, with participation from CHAP Health Ventures, Progression Fund and Dmitry Shevelenko, chief business officer at Perplexity.

Founded in 2024 by Jeff Cripe, Kameron Rezzadeh and James Baez-Silva, the company says its Coding Copilot tool allows medical coders to process operative reports into billing and diagnostic codes faster and with greater accuracy. Procode AI says it has added USD 2mn in annual recurring revenue in the five months since acquiring The Auctus Group.

The Auctus Group, founded in 2012 by John Gwin, will continue to operate as Procode AI’s RCM business, serving more than 300 plastic surgery and dermatology providers.