Covera Health, a cloud-based healthcare quality analytics platform focused on reducing medical errors, raised $25 million in Series C funding.
Insight Partners led the round with participation from Equity Group Investment. Covera Health plans to use the new funds to expand and improve its Centers of Excellence program and add new products.
Covera Health’s quality analytics platform uses data science and artificial intelligence to improve outcomes across many medical conditions and diseases, from musculoskeletal and spinal disorders to breast and lung cancers, the company said.
According to the company, it partners with providers to give them insight on reducing errors, and it works with payers to avoid unnecessary care and promote value-based payment. Its first product using their data platform, the Radiology Centers of Excellence, is used by employers and health plans to drive patients toward the highest-quality radiology providers for their specific needs.
“We’re at an incredible juncture in the evolution of Covera. There’s significant demand for the insights we deliver across the entire healthcare ecosystem, and we’re fortunate to have partners – from leading physician groups, to Fortune 50 employers and innovative health plans – that are willing to trust and work with us to bring improved outcomes to the patients they serve,” stated Covera Health founder and CEO Ron Vianu.
Ron Vianu added: “Our unique ability to deliver meaningful quality insights when they are needed most, integrated directly into clinical and administrative workflows, allows us to truly support both physicians and payers alike, and ultimately improve patient care at scale,” added Vianu.
“An accurate radiology diagnosis is an essential ingredient in effective downstream medical care across domains as varied as heart disease, cancer, chronic pain, and musculoskeletal disorders,” said Lonne Jaffe, Managing Director at Insight Partners. “We’re excited to continue this journey with Covera as they harness their powerful artificial intelligence platform to transform how healthcare is measured and delivered, with the potential to benefit hundreds of millions of patients across the globe.”
Healthcare Data Analytics companies secured $1.5 billion in venture capital funding from 33 funding rounds in the first half (1H) of 2021, according to the recently released Mercom Digital Health Funding and M&A Report.