Fathom, a San Francisco, CA-based AI-powered medical coding automation, announced that it closed $46 million Series B financing, bringing Fathom’s total raised to $61 million.
The round was led by Alkeon Capital and Lightspeed Venture Partners, with participation from Cedars-Sinai, Vituity’s Inflect Health, and ApolloMD, as well as existing investors Founders Fund and Tarsadia.
The fund will be used to continue to scale its engineering team to build a foundation of world-class technologists at Fathom. This funding allows Fathom to continue to advance the standard in automated medical coding in response to critical challenges facing providers.
“Widespread autonomous medical coding is one of the first steps to rebuilding America’s healthcare payments system into something that actually works for providers, payors, and patients,” said Andrew Lockhart, co-founder, and CEO of Fathom. “With inflation and severe staffing shortages driving up costs at a time when revenues are declining, automation has become a critical lever in ensuring the financial sustainability of our health system. This financing will enable us to radically expand the number of specialties and health systems we support.”
Galym Imanbayev, M.D., Partner at Lightspeed, and Mark McLaughlin, General Partner at Alkeon Capital, will join the Fathom Board of Directors.
Company: Fathom, Inc.
Round: Series B
Funding Month: November 2022
Lead Investors: Alkeon Capital and Lightspeed Venture Partners
Additional Investors: Cedars-Sinai, Vituity’s Inflect Health, ApolloMD, Founders Fund, and Tarsadia
Company Website: https://www.fathomhealth.com/
Software Category: AI-powered Medical Coding Automation
About the Company: Fathom is the nation’s leading medical coding automation platform, an AI solution that fuses the best of deep learning and Natural Language Processing (NLP) to automate medical coding with unprecedented accuracy and efficiency. Fathom provides the highest automation rates and the broadest specialty coverage to help clients increase speed and accuracy while reducing costs. Since its inception, Fathom has continuously set new standards in autonomous coding by delivering the industry’s highest automation rates, coding more than twice as many annual encounters as any other company. Fathom is headquartered in San Francisco, CA.