Cohere Health, a Boston, MA-based company specializing in clinical intelligence and prior authorization automation, has secured $50 million in additional equity funding, bringing its total funding to $106 million.
SaaS Investors
The investment was led by Deerfield Management, with participation from Define Ventures, Flare Capital Partners, Longitude Capital, and Polaris Partners.
Founded in 1994, Deerfield Management is a venture capital firm based in New York, New York. It is focused on making public and private investments in the healthcare and biotechnology industries.
Cohere Health Use of Funds
The company will use the latest funding to fuel its expansion to meet the growing demand for its intelligent prior authorization platform.
About Cohere Health
Cohere Health is a SaaS company that focuses on aligning patients, physicians, and health plans to create optimal care journeys. Cohere's platform uses AI to streamline prior authorization processes, reducing denial rates and speeding up patient access to care. The company is a Top 5 LinkedIn™ Startup, winner of the TripleTree iAward, consecutive KLAS Research's Points of Light recipient, and has been named to both Fierce Healthcare's Fierce 15 and CB Insights' Digital Health 150 lists. Currently, Cohere serves five health plans, processing 5.5 million intelligent prior authorizations annually for more than 15 million health plan members and 420,000 healthcare providers nationally.
Funding Details
Company: Cohere Health, Inc.
Raised: $50.0M
Round: Unknown
Funding Month: February 2024
Lead Investors: Deerfield Management
Additional Investors: Define Ventures, Flare Capital Partners, Longitude Capital, and Polaris Partners
Company Website: https://coherehealth.com/
Software Category: Healthcare
Source: https://www.prnewswire.com/news-releases/cohere-health-raises-50-million-in-equity-to-meet-increased-demand-for-ai-driven-transformation-of-prior-authorization-process-302050005.html