- Cogitativo, a first-to-market data-science-as-a-service (DSaaS) company for healthcare service organizations, announced it raised $18.5 million in a Series B round of funding
Cogitativo — a first-to-market data-science-as-a-service (DSaaS) company for healthcare service organizations — announced it has raised $18.5 million in Series B funding. This round of funding was led by Wells Fargo Strategic Capital (WFSC), which is a wholly-owned subsidiary of Wells Fargo & Company. And additional funding was provided by Claritas Capital.
This round of funding will be used for supporting product acceleration of AI-driven solutions to detect and remediate areas of waste and inefficiency in the arrangement and financing of healthcare.
“We are thrilled to have this support from our new financial partners and believe this further validates what has always been our mission, and that’s our dedication to positively impacting the U.S. healthcare system,” said Cogitativo CEO Gary Velasquez. “With this additional capital, we will continue to focus on developing better and faster solutions around healthcare operational performance management.”
Cogitativo’s machine learning platform is known for disrupting the rapidly growing market for healthcare performance improvements by enabling payers and providers to identify along with challenging system complexities. In the past two years, Cogitativo has more than tripled in size and introduced new DSaaS, which is focused on areas of payment integrity and anomaly detection.
“We are excited to support a company like Cogitativo and their strong team who clearly prioritize improving efficiencies in the healthcare system,” added John Ryan, Managing Director at Wells Fargo Strategic Capital. “We look forward to seeing them use this additional capital to build out their long term strategy and bring advanced analytics and new technology solutions to the industry.”
Velasquez pointed out that this new collaboration enables the company to further invest in areas like AI solutions for patient navigation, quality of care, and continuing to address many of healthcare’s complex systems problems thus providing healthcare organizations with a quantum leap in capabilities for managing operations.
“Gary and his team have a proven track record in executing innovative business models and solutions in healthcare and have developed at Cogitativo a compelling DSaaS platform,” explained Claritas Capital partner John Chadwick. “Cogitativo is focused on utilizing complex data to drive better healthcare processes for customers, and ultimately reducing friction to patients as they navigate the health care system. The Cogitativo platform applies to all payors, hospitals, and self-insured employer groups who are committed to providing the best care in the most efficient manner possible.”
Currently, there are nearly 50 healthcare entities with over 45 million members benefit from Cogitativo’s solutions to better manage their operational and strategic challenges, and their ability to navigate marketplace complexity.
