Health data analytics platform Covera Health lands $25M in Series C funding – MobiHealthNews

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Covera Health, a healthcare data analytics platform focused on reducing medical errors, raised $25 million in Series C funding.

The round was led by Insight Partners, a venture capital and private equity firm. Existing investors including Equity Group Investments participated in the round as well.

WHAT IT DOES

Covera uses data science and AI to improve quality and outcomes, particularly focusing on diagnostics.

The company 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 steer patients toward the highest-quality radiology providers for their specific needs.

“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,” Lonne Jaffe, managing director at Insight Partners, said in a statement.

WHAT IT’S FOR

Covera plans to use the capital to expand and improve its Centers of Excellence program, and to add new products.

“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,” Covera Health founder and CEO Ron Vianu said in a statement.

MARKET SNAPSHOT

The company announced a $23.5 million Series B funding round in early 2020, and it raised $8.5 million in Series A financing in 2019. 

Diagnostics and imaging are particularly interesting fields for data science and AI, as studies and literature reviews have found relatively high levels of error. 

Last week, U.K.-based Ultromics announced it has raised $33 million in Series B funding for its AI-enabled echocardiograms that help physicians diagnose heart problems. 

Other companies using data analytics to track health outcomes include Holmusk, which recently signed a deal with the University of Texas Health Science Center and the Harris Center for Mental Health and IDD; Komodo Health, which announced a $220 million Series E funding round in March; and Clarify Health, which picked up $115 million in Series C funding.

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