Total amount raised
$46 Millions
Latest funding date
November, 2022
Location
Fathom has successfully raised significant funding through multiple rounds, with its latest being a Series B on November 9, 2022. The company specializes in medical coding automation powered by artificial intelligence, offering services like production coding, backlog processing, and real-time audit.
Keep reading to explore the intricacies of Fathom's fundraising journey and the investors backing this innovative platform.
What Is Fathom?
Founded in 2016, Fathom is based in San Francisco, California. The company was established by Andrew Lockhart and Christopher Bockman.
Fathom specializes in automating medical coding using artificial intelligence. Their platform reviews incoming charts, offers full-service coding, and conducts real-time audits.
With a team of 51-100 employees, Fathom aims to optimize medical coding operations, enhancing accuracy and efficiency.
How Much Funding Has Fathom Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: December 2015
- Lead Investors: CSC Upshot
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the initial development of their AI-powered medical coding platform.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and refine their technology.
- Venture Round
- Amount Raised: $14.8M
- Date: May 2019
- Lead Investors: Winklevoss Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and enhance their AI capabilities.
- Venture Round
- Amount Raised: $50K
- Date: February 2021
- Lead Investors: Cedars-Sinai Accelerator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To pilot their technology in real-world healthcare settings.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: April 2022
- Lead Investors: Inflect Health
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their operations and support more healthcare providers.
- Series B
- Amount Raised: $46M
- Date: November 2022
- Lead Investors: Alkeon Capital, Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the number of specialties and health systems supported and to scale their engineering team.
Total Amount Raised: $60.85M
Current Valuation: Not publicly disclosed
Key Investors
- Alkeon Capital
- Details: Alkeon Capital is a global investment firm that focuses on technology and healthcare sectors. They are known for their long-term investment approach and deep industry expertise.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Facebook, Spotify, Alibaba.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a multi-stage venture capital firm that invests in the enterprise, consumer, and health sectors. They have a strong track record of backing successful startups.
- Investment Focus Areas: Enterprise, consumer, health sectors.
- Notable Investments: Snapchat, Nest, GrubHub.
- Inflect Health
- Details: Inflect Health is the innovation hub of Vituity, focusing on healthcare technology and innovation. They aim to transform healthcare delivery through strategic investments.
- Investment Focus Areas: Healthcare innovation, technology.
- Notable Investments: Various healthcare technology startups.
- Cedars-Sinai Accelerator
- Details: Cedars-Sinai Accelerator is a healthcare-focused startup accelerator that supports early-stage companies. They provide mentorship, funding, and access to a network of healthcare professionals.
- Investment Focus Areas: Healthcare startups, innovations.
- Notable Investments: Various healthcare startups and innovations.
- Winklevoss Capital
- Details: Winklevoss Capital is a venture capital firm founded by Cameron and Tyler Winklevoss. They invest in early-stage companies across various sectors, with a focus on disruptive technologies.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Bitcoin, BlockFi, Gemini.
What's Next for Fathom?
Fathom stands at the cusp of significant growth, driven by the increasing demand for automation in healthcare. With $46 million raised in their Series B round, they are poised to expand their support for various medical specialties and health systems. This financial backing will also allow them to scale their engineering team, enhancing their AI and NLP technologies to meet the industry's evolving needs.
Future fundraising opportunities seem promising, given the successful Series B round and the growing market for AI-driven medical coding solutions. As Fathom continues to innovate, they may attract further investments to support their expansion and technological advancements. However, integrating their platform across diverse health systems and maintaining high accuracy in automated coding will be critical challenges. Additionally, competition in the medical coding automation space could pose hurdles as they strive to set new standards in the industry.
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