Covera Health Raises $25M in Series C Financing to Fuel Growth of Its Healthcare Quality Analytics Platform
NEW YORK--(BUSINESS WIRE)--Covera Health, the leading quality analytics company focused on improving patient care by reducing medical errors, today announced its Series C financing. The $25M funding was led by global venture capital and private equity firm Insight Partners with participation from existing investors including Equity Group Investments. The round enables Covera to not only meet the growing demand for its healthcare quality insights, but also significantly expand its suite of innovative products supporting physicians and payers in their efforts to improve patient outcomes.
Covera is solving one of the most impactful and challenging problems in healthcare today: ensuring patients get the right diagnosis at the right time, which gives them the best chance of a successful health outcome. Covera partners with physicians and empowers them with actionable, clinically-validated quality insights, which are used to drive better patient care. Through this collaboration, Covera helps payers reduce medical expenses related to unnecessary and misdirected care and supports value-based care programs.
Covera's quality analytics platform, which leverages advanced data science and artificial intelligence, improves outcomes across a wide range of medical conditions and diseases, from musculoskeletal and spinal conditions to breast and lung cancers.
“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,” stated Covera Health founder and CEO Ron Vianu. “Our unique ability to deliver meaningful quality insights when they are needed most, integrated directly into clinical and administrative workflows, allows us to truly support both physicians and payers alike, and ultimately improve patient care at scale,” added Vianu.
Covera has already achieved success with its first product built on this platform, its national Radiology Centers of Excellence (CoE) program, which is used by some of the largest employers and health plans in the nation, serving millions of patients across the country. In addition to using a portion of the funding to accelerate the scaling of its CoE program, Covera will invest in further enhancing the platform’s underlying medical error detection technology, deepening its data integrations across payers and providers, while continuing to grow and scale the organization. Covera expects to dramatically increase the number of patients, providers, and payers that leverage its solutions over the coming months and years, further cementing itself as the leading quality analytics company in healthcare.
“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,” said Lonne Jaffe, Managing Director at Insight Partners. “We’re excited to continue this journey with Covera as they harness their powerful artificial intelligence platform to transform how healthcare is measured and delivered, with the potential to benefit hundreds of millions of patients across the globe.”
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised, through a series of funds, more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Covera Health
Covera Health, the leading healthcare quality analytics company, serves providers, employers and health plans – and their millions of patients – with its quality platform. Its analytics and quality insights reduce the prevalence and impact of misdiagnoses, a leading cause of inappropriate care, poor patient outcomes, and unnecessary medical expense. Covera’s first product, the Radiology Centers of Excellence program, is available nationwide across the US. For more information, visit www.coverahealth.com.