Veda, a Madison, Wisc.-based artificial intelligence (AI) and machine learning platform to save healthcare and administrative costs by enhancing the processing speed and accuracy of the information, raised $45 million in Series B funding led by Oak HC/FT.
The company intends to use the funds to scale rapidly to address imminent regulatory requirements of the No Surprises Act,* as well as to expand product innovation, customer success, and go-to-market efforts.
Company: VEDA Data Solutions, Inc.
Raised: $45.0M
Round: Serie B
Funding Month: July 2021
Lead Investors: Oak HC/FT
Additional Investors:
Company Website: http://www.vedadata.com/
Software Category: AI and machine learning platform
About the Company: Led by Meghan Gaffney, CEO, Veda offers an AI platform where payers can transform and ingest provider rosters rapidly, reducing turnaround times from weeks to just 24 hours. To date, the company has supported some of the country’s largest health insurance companies in their efforts to automate administrative processes. VEDA creates fully automated data science and machine learning solutions to solve critical problems for health care payers and networks. The company allows businesses access to innovative data science they need in their current dashboards. Data scientists are expensive and in short supply.
Source: https://www.finsmes.com/2021/07/veda-raises-45m-in-series-b-funding.html