The seed-stage venture fund, Susa Ventures, led the financing round with participation from Village Global, Vulcan Capital, Hustle Fund, 500 Fintech, Social Starts, and Great Oaks VC.
The San Francisco based company Gentem leverages the latest technology in machine learning, automation, fin-tech, and data science to help make healthcare practices run more efficiently.
“The challenges physicians face often get lost in the conversations about the broken healthcare system. There are tremendous administrative complexities and waste in the health system; doctors who run their own practices are not spared from these struggles,” said Fisayo Ositelu, MD, CEO and co-founder of Gentem, in a company press release. “We believe that more doctors will choose to work for physician-owned practices because independent doctors have higher job satisfaction than those working for hospitals and can offer their services at a lower cost for patients.”
Similar technologies that received funding
Aver Informatics, a data management platform that simplifies the healthcare reimbursement process, secured $11 million, bringing its total funding raised to $19 million.
PSKW, a provider of patient access and reimbursement services for prescription drugs, received an investment from Genstar Capital, a private equity firm.
NarrativeDx, a provider of big data analysis of patient feedback to improve the hospital customer experience and maximize Medicare reimbursements, raised $1.1 million in seed funding.
Global venture capital (VC) funding for Digital Health companies stayed above the $1 billion mark, coming in at $1.7 billion in 142 deals in Q4 2019, compared to the $2 billion raised in 155 deals in Q3 2019. Funding in Q4 2019 was higher by 18% compared to Q4 2018, according to Mercom’s Q4 and 2019 Annual Digital Health Funding and M&A report.