Alaffia Health, a leader in generative AI for health plan claim operations, announced $10 million in Series A funding, bringing its total amount of capital raised to $17.6 million. FirstMark Capital led the round, including GingerBread Capital and existing investors Anthemis, Aperture Venture Capital, 1984 Ventures, Remarkable Ventures, and Tau Ventures.
With this funding round, Amish Jani from FirstMark will join the company’s Board of Directors. And Alaffia’s management team intends to use the funding to expand its commercial footprint and further invest in advanced AI research and product development.
Since the seed funding round, Alaffia has seen solid growth, increasing its revenues by 4 times over the past 12 months alone. And earlier this year, Alaffia was featured in the Everest Group’s Payment Integrity Solutions PEAK Matrix Assessment. This recognition and its surge in revenue highlight the demand for Alaffia’s leading AI solutions across the health plan ecosystem.
A significant component of Alaffia’s success is the efficacy of the advanced AI solutions it provides to its health insurance plan customers. Last year, the company revealed its new flagship generative AI tool Ask Autodor, a co-pilot built for health insurance claims teams.
Ask Autodor was purpose-built for clinicians and medical coders to automate complex manual tasks such as extensive patient medical record reviews, clinical policy document assessments, and insurance claim adjudication. Clinicians and medical coders in utilization management, payment integrity, special investigations, and appeals can utilize Ask Autodor to complete complex facility claim reviews up to 20x faster than traditional processes.
KEY QUOTES:
“The advent of advanced, multimodal, AI systems represents the breakthrough we all needed to finally bend the healthcare cost curve. We’re pioneering the adoption of these new AI tools across the ecosystem and are excited to partner with FirstMark to achieve our next set of milestones.”
- TJ Ademiluyi, co-founder and CEO of Alaffia Health
“Alaffia is transforming the healthcare industry with new AI tools, and we at FirstMark are immensely proud to support their journey. Their innovative use of large language models is not just enhancing claims operations—it’s reshaping the healthcare landscape for providers, payers, and patients alike. We are confident their innovative approach will establish new industry standards, significantly curbing wasteful spending and benefiting the entire ecosystem.”
- Amish Jani, co-founder of FirstMark
