AI and Machine Learning platform for Healthcare, Veda secured $45 Million funding

Veda, a Madison based AI and Machine Learning platform to save healthcare and administrative costs by enhancing the speed and accuracy of the information has now secured $45 million in a Series B funding round.

Veda is founded by Meghan Gaffney. The AI healthcare startup provides an AI platform where payers can transform and ingest providers rosters rapidly by reducing turnaround times from weeks to just 24 hours. The AI platform for healthcare providers has raised a total of $52.2M in five funding rounds, according to Crunchbase.

According to Markets And Markets report, the global artificial intelligence (AI) in the healthcare market is expected to reach $61.59 Billion by 2027.

Meghan Gaffney, Veda's co-founder, and CEO, said, "There’s an urgent need for automation in healthcare to reduce inefficiencies and upwards of $1 trillion in unnecessary costs. The acceleration of health technology this past year, combined with legislative imperatives such as the No Surprises Act, are positioning veda as an indispensable partner for payers. With this new funding, we’ll be better positioned to seize new opportunities through our range of solutions and address a host of critical industry needs."

Andrew Adams, managing partner and co-founder at Oak HC/FT, said, "Veda's technology will fundamentally change how the healthcare system operates by automating processes, increasing accuracy, and reducing costs that have existed for decades. We’re thrilled to partner with the veda team in their effort to modernize the largest sector of the U.S. economy at such a critical time."

Veda's technology allowed Medicaid health plans to automate file processing. It helps them reduce manual entry by 90 percent and reduced time spent on processing from four weeks to 24 hours. 

Oak HC/FT led the Funding round. Post funding, Andrew Adams, the managing partner and co-founder at Oak HC/FT, will join Veda’s Board of Directors team.

The company, as of now, has plans to use the new funds to immediately scale up product innovation, go-to-market efforts, and customer success. The AI startup also intends to use funds to quickly address imminent regulatory requirements of the No Surprises Act, notes the announcement.