Total amount raised
$32 Millions
Latest funding date
01/01/2020
Location
Title
Covera Health has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company's platform leverages clinical intelligence to enhance patient outcomes across the healthcare ecosystem.
Continue reading to delve into the details of Covera Health's funding journey and the key investors supporting this innovative healthcare solution.
What Is Covera Health?
Covera Health, founded in 2017, is headquartered in New York City. The company was established by Ron Vianu and Dan Elgort.
Covera Health specializes in improving patient outcomes through clinical intelligence, offering a platform that integrates quality insights across the healthcare ecosystem. Their services support providers, health plans, and employers from diagnosis to care delivery.
With a dedicated team of over 100 employees, Covera Health continues to innovate in the healthcare sector, focusing on accurate diagnosis and effective care coordination.
How Much Funding Has Covera Health Raised?
- Series A Round
- Amount Raised: $8.5 million
- Date: February 19, 2019
- Lead Investors: Equity Group Investments (EGI)
- Valuation at Round: Not disclosed
- Motivation Behind the Round: The funds will be used to invest in growth, research and development, expand the team from 40 to around 70 employees, and improve the state of the science to better serve existing customers and onboard new ones. The goal is to enhance the accuracy of radiological diagnoses and reduce misdiagnoses, ultimately improving patient outcomes.
- Series B Round
- Amount Raised: $23.5 million
- Date: January 9, 2020
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used to accelerate data science R&D efforts to measure and quantify diagnostic errors, particularly in radiology. Additionally, the funds will support and expand Covera's Radiology Centers of Excellence program, which aims to reduce medical misdiagnoses, improve patient outcomes, and lower healthcare costs.
Total Amount Raised: $32 million. Current Valuation: Not publicly disclosed.
Key Investors
- Insight Partners
- Details: Insight Partners is a global venture capital and private equity firm investing in high-growth technology and software companies. Founded in 1995, it manages over $20 billion in assets and has invested in more than 300 companies worldwide.
- Investment Focus Areas: Technology, software, high-growth companies.
- Notable Investments: Twitter, Shopify, DocuSign.
- Equity Group Investments (EGI)
- Details: EGI is a private investment firm founded by Sam Zell, known for its diverse portfolio across various sectors. The firm has a history of investing in real estate, energy, logistics, and healthcare.
- Investment Focus Areas: Real estate, energy, logistics, healthcare.
- Notable Investments: Equity Residential, Anixter International, Covanta.
- Prism Ventures
- Details: Prism Ventures is a New York-based investment firm that focuses on early-stage and growth-stage companies. The firm aims to support innovative solutions in various industries.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Not publicly disclosed.
What's Next for Covera Health?
Covera Health stands at the cusp of significant growth opportunities, driven by the increasing demand for accurate medical diagnoses and value-based care. With the expansion of their Radiology Centers of Excellence program across all 50 states, the company is poised to set a new standard in diagnostic accuracy and patient outcomes.
Future fundraising efforts are likely as Covera Health continues to innovate and expand its offerings. The successful Series B round led by Insight Partners indicates strong investor confidence, paving the way for potential future rounds to support further R&D and market expansion.
However, challenges such as variability in diagnostic accuracy and the need for widespread adoption of their solutions remain. Overcoming these hurdles will be crucial for Covera Health to maintain its trajectory and achieve its ambitious goals in the healthcare sector.
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