Nabla
ConvictionContext
B2B subscription per clinician per month (reported list ~$119 = $1,428/yr; aggregators also report a ~$239 tier). Three routes to market - direct enterprise, EHR marketplaces (athenahealth), and an OEM module, 'Nabla Connect' (Oct 2025), that drops ambient AI into any EHR - which is the structural difference from the Epic-native leader. Founded 2018 in Paris; headquartered in New York.
Revenue
Not disclosed. Only anchor is share: Menlo Ventures sized US ambient-scribe revenue at ~$600M for 2025 with Nabla at 4%Microsoft/Nuance 33%, Abridge 30%, Ambience 13%, Suki 10%, Freed 4%), implying ~$24M - VC research via Becker's, 21 Oct 2025, ~10 months old, US-scribe only. An order-of-magnitude anchor, not a revenue figure.Rev growth
Not disclosed. Company-stated scale only: 130+ organisations / 85,000+ clinicians / 20M annual encounters at the Jun 2025 Series C190+ / 100,000+ / 40M on 21 Jul 2026. Encounters are usage, not billings.Gross margin
Not disclosed. Software-likein shape, with little headroom on the ladder: at ~$1,428/clinician/yr, per-encounter ASR + LLM cost takes ~1.75x the revenue share it does inside an estimated ~$2,500 Abridge seat.Op margin
Not disclosedassume deeply negative - $70M raised Jun 2025, commercial CEO hired Jul 2026 to scale distribution.Capex intensity
Lowasset-light. No owned data centres; compute is cloud opex. Capital goes to headcount.Valuation
n/aprivate) - none exists. No post-money was disclosed with the $70M Series C (17 Jun 2025, HV Capital lead). The only reported mark is ~$180M at the $24M Series B (Jan 2024, TechCrunch): trade-press sourced, ~2.5 years stale, a negotiated price in one round rather than a clearing price. No valuation is inferred from a raise size or asserted here; a result putting Nabla at '$5.3B' is Abridge's mark misattributed.The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Nabla
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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