Cylerity, a healthcare fintech company using AI and machine learning to accelerate payments to providers, has raised $4 million in an oversubscribed seed round and established a $24 million debt facility from First Business Bank. The round was led by HealthX Ventures with participation from C2 Ventures, Upstream Ventures, Wisconsin Investment Partners, and Tundra Angels.
Cylerity’s platform uses real-time valuation and anomaly detection to predict claim payments and disburse funds within 24 hours, alleviating cash flow strain for healthcare providers who typically wait months for reimbursements. The company plans to expand its engineering and data science teams and scale partnerships nationwide.
KEY QUOTES:
“Providers shouldn’t have to wait months to get paid for care they’ve already delivered. By valuing receivables in real time, we give practices the financial predictability they need to keep operations running smoothly and patients cared for without disruption.”
Ryan Wheeler, Co-founder and Chief Executive Officer, Cylerity
“Cylerity is tackling one of healthcare’s biggest pain points—payment delays—by bridging the gap between care delivery and reimbursement. We’ve seen firsthand how their platform brings stability to providers and helps them stay focused on patients instead of paperwork by allowing them to get paid within a few days instead of potentially months.”
Mark Bakken, Managing Partner, HealthX Ventures
“During the pandemic, we struggled to cover expanding payroll and keep up with diagnostic supply costs while serving clients and waiting on reimbursements. Cylerity changed that. They gave us access to affordable capital when we needed it most—and ultimately, we became investors ourselves because we believe in what they’re building.”
Ricardo Salas, Founder and Chief Executive Officer, Inspire Health Alliance
