veda, an AI-powered software platform that automates healthcare data and administration processes, announced the close of $45 million in Series B funding led by Oak HC/FT.
According to the company, the latest funding will accelerate its growth and automation of healthcare administration processes.
Veda delivers software systems for healthcare companies that automate complex data processes. The systems enable customers and partners to harness the power of their data – process, validate and generate meaningful answers that make healthcare more efficient and accessible.
According to the company, its software enables organizations to reduce overhead costs by automating complex business rules for data extraction, transformation, and loading (ETL), creating a streamlined experience for everyone – from the data entry specialist to the end customer.
“There’s an urgent need for automation in healthcare to reduce inefficiencies and upwards of $1 trillion in unnecessary costs,” said Meghan Gaffney, veda’s co-founder, and CEO. “The acceleration of health technology this past year, combined with legislative imperatives such as the No Surprises Act, are positioning veda as an indispensable partner for payers. With this new funding, we’ll be better positioned to seize new opportunities through our range of solutions and address a host of critical industry needs.”
“Veda’s technology will fundamentally change how the healthcare system operates by automating processes, increasing accuracy, and reducing costs that have existed for decades,” said Andrew Adams, managing partner, and co-founder at Oak HC/FT, who will join veda’s Board of Directors. “We’re thrilled to partner with the veda team in their effort to modernize the largest sector of the U.S. economy at such a critical time.”
Companies providing Practice Management Solutions raised $480 million in Q2 2021. Qure4u, a digital patient and healthcare workflows management platform, announced the close of its $25 million funding from Boston-based growth equity firm Volition Capital.