Cogitativo, a machine learning-powered data-science-as-a-service platform for healthcare service organizations, closed an $18.5 million Series B round. Wells Fargo Strategic Capital led the financing round with participation from Claritas Capital.
With this latest investment, Cogitativo has now raised over $23 million.
This latest fund will support product acceleration of AI solutions to detect and remediate areas of waste and inefficiency in the arrangement and financing of healthcare.
Healthcare data analytics companies received $6 billion in VC funding since 2013, according to Mercom data.
“We are thrilled to have this support from our new financial partners and believe this further validates what has always been our mission, and that’s our dedication to positively impacting the U.S. healthcare system,” said Gary Velasquez, CEO of Cogitativo in a press release. “With this additional capital, we will continue to focus on developing better and faster solutions around healthcare operational performance management.”
Cogitativo has developed a data science platform which claims to improve healthcare operations by helping payers and providers reduce their levels of epistemic opacity while improving efficiency and lowering the cost of healthcare. According to the company, it serves over 45 million health plan members and nearly 50 healthcare entities.
“Gary and his team have a proven track record in executing innovative business models and solutions in healthcare and have developed at Cogitativo a compelling DSaaS platform,” said John Chadwick, Partner of Claritas Capital in a press release. “Cogitativo is focused on utilizing complex data to drive better healthcare processes for customers, and ultimately reducing friction to patients as they navigate the health care system. The Cogitativo platform applies to all payors, hospitals, and self-insured employer groups who are committed to providing the best care in the most efficient manner possible.”
Similar technologies that received funding include:
AI-enabled healthcare data science company Cardinal Analytx Solutions raised $22 million.
OM1 – a provider of clinical analytics and informatics platforms, intelligent machine learning technology, applied algorithms, and predictive analytics for healthcare providers – raised $50 million in funding.
Multiplier Solutions, a provider of artificial intelligence and machine learning platforms for improved diagnostics as well as predicting clinical outcomes, raised $1.5 million.