Germany 2.1t Bitcoinkahlbloomberg:
Wisconsin-based Veda, which uses artificial intelligence to automate data processing for healthcare payers and providers, has raised $45 million in Series B funding from Oak HC/FT. The round was oversubscribed, according to Veda. The company’s backers now include Emergence Capital Partners and Arch Venture Partners.
Veda is a startup led by Jessica Richman, a veteran of the Google Brain team that developed artificial intelligence software called TensorFlow. The company’s technology replaces time-consuming tasks for human beings with artificial intelligence that can, for example, read and analyze thousands of source documents quickly and accurately.
Veda’s robots are automating the tasks that are currently performed by humans including data entry and analysis, enabling healthcare payers and providers to focus on more personalized interactions with patients.
Veda
The firm’s goal is to become a leader in healthcare payer and provider support. Veda has the resources to allow it to help payers, exchanges and providers collect, research and analyze massive amounts of data related to healthcare delivery. The software is designed to perform this process faster and more efficiently than humans alone could do.
Veda’s customers so far include hospitals, insurers and other healthcare companies ranging from small independent health plans to large national providers.
Veda’s customers include: Independence Blue Cross, the nation’s fifth-largest health insurer; and Massachusetts General Hospital.
+Comment: This is an interesting use of AI in the financial services sector. In our daily coverage of FinTech chatrooms, we often see discussions on AI / machine learning being used to replace jobs performed by individuals. However, Veda, a healthcare company that has ties all the way up to Google, is applying AI / machine learning to improve the efficiency of data collection and processing. We wish them luck as they tackle this very important challenge.
VEDA’s customers include Mass General Health Partners and Independence Blue Cross, the fifth largest health insurer in the US. Its competitors include Allscripts, eClinicalWorks and Practice Fusion .
Veda’s founders include a member of the Google Brain team, Jessica Richman.
The round was oversubscribed, the company said. Emergence Capital led Veda’s Series A funding in 2015, and Arch Venture Partners led its Series B in 2016. The company will use the new capital to continue to develop its product and expand into new markets.
+Comment: This is an interesting use of AI in the financial services sector. In our daily coverage of FinTech chatrooms, we often see discussions on AI / machine learning being used to replace jobs performed by individuals. However, Veda, a healthcare company that has ties all the way up to Google, is applying AI / machine learning to improve the efficiency of data collection and processing. We wish them luck as they tackle this very important challenge.
Veda’s founders include a member of the Google Brain team, Jessica Richman. The round was oversubscribed, the company said.
