Covera Health – a leading AI-enabled diagnostic technology company focused on radiology performance measurement and impact – recently announced up to $50 million in additional Series C funding led by Insight Partners, of which $25 million is committed today. And the company also finalized the acquisition of CoRead, a leading AI quality assurance company currently used by over 2,000 hospital sites nationwide. CoRead is at the forefront of generative AI focused on performance improvement in radiology, and its capabilities will be integrated into Covera Health’s existing best-in-class quality platform.
For over 10 years, Covera Health has been advancing excellence in radiology, elevating the critical role it plays in healthcare. This additional funding round, combined with the acquisition, will enable Covera Health to rapidly augment and scale its two-sided marketplace between payers and providers. Providers will gain access to comprehensive quality insights across a broader range of radiological studies and pathologies, enhancing their quality improvement and peer learning activities. Simultaneously, employers and their health plans will utilize these insights to enhance their network and care management programs, ensuring improved patient care and outcomes while mitigating the costs and harms associated with misdiagnosis.
Insight Partners led Covera Health’s two prior funding rounds. In connection with the acquisition, Lawrence Ngo, former CEO of CoRead, will join Covera Health as Senior Vice President, Quality Assurance Platform, reporting to President Aaron Friedkin.
KEY QUOTES:
“There are over 1,300 imaging exams performed every minute in the U.S. These studies serve as the backbone of our healthcare system and are central to a patient’s diagnosis, but their impact is often underestimated. Enhancing the field’s ability to quantify and improve diagnostic quality is essential to both improve patient outcomes and ensure providers are compensated for the value they provide.”
— Ron Vianu, Founder and CEO, Covera Health
“We are continually impressed by Covera Health’s dedication to improving quality of care and decreasing costs by applying AI to radiology. They stand out as a company with the potential to revolutionize how healthcare is measured, rewarded, and delivered at scale.”
— Jeff Horing, Managing Director and Co-Founder, Insight Partners
“Joining Covera Health presents an exciting opportunity to reshape how we apply AI in radiology,” said Ngo. “As a radiologist, I recognize the immense potential of our capabilities for quality improvement. Together, we aim to develop faster and more intricate models, ensuring large-scale quality improvements that benefit patients nationwide.”
— Lawrence Ngo, former CEO of CoRead – who will join Covera Health as Senior Vice President, Quality Assurance Platform, reporting to President Aaron Friedkin
