Veda secures $45M to scale AI data processing platform for payers

Vedathe provider of a platform based on artificial intelligence, raised $45 million in a Series B funding round led by Oak HC/FT.

The Madison, Wis.-based company’s platform automates complex data processes for healthcare payers. Leveraging artificial intelligence and machine learning, the platform digests and transforms supplier list data through formatting and validation. It then loads the data directly into the claims system.

“We are moving dollars from costly healthcare administrative processes to places in the system where we can keep people healthy,” said Meghan Gaffney, founder and CEO of veda, in an email. “Automation enables the redistribution of resources and helps health plans move more money to things that matter to people.”

The company’s platform can also help payers comply with the law’s regulatory requirements without surprises. The law limits surprise billing, which is when patients are billed for out-of-network care, often unexpectedly. The law requires payers to process all provider directory updates within 48 hours starting January 1, 2022, which the veda platform can help with.

The company plans to use the newly raised funds for product innovation as well as to grow its customer service and go-to-market teams.

“We think we’ve really dipped our toes into the problems that our technology can solve,” Gaffney said. “Our platform delivers efficiencies across a range of healthcare businesses, and we needed funding to help create these additional efficiencies and venture into other healthcare categories.”

Since its Series A funding round in January 2020, veda has raised $53 million.

“Veda’s technology will fundamentally change the way the healthcare system works by automating processes, increasing accuracy and reducing costs that have been around for decades,” said Andrew Adams, managing partner and co-founder of the venture capital fund of Oak HC/FT growth, in a press release. Adams will join the veda board of directors.

Veda’s offerings aren’t new to the industry, with companies like SDLC Partners and Appian offering similar solutions. But it sets itself apart by offering a platform that doesn’t require skilled IT resources, Gaffney said.

“Our tools are generalizable, so users don’t need any technical skills or training – they feed information to the system, but it doesn’t rely on user input for data science or business logic. automation,” she said.

Photo: Feodora Chiosea, Getty Images

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