CodaMetrix, an AI-powered platform for healthcare revenue cycle management, secured $55 million in Series A funding led by SignalFire.
Yale Medicine, Frist Cressey Ventures, CU Healthcare Innovation Fund and Martin Ventures participated in the round. Physician organizations from Mass General Brigham, where CodaMetrix was spun out of, also participated.
The company utilizes machine learning, natural language processing and deep learning to analyze electronic health records for autonomous medical coding.
The funds will be used to speed up CodaMetrix’s go-to-market efforts with provider organizations and health systems, and Chris Scoggins, partner at SignalFire, will join the company’s board of directors.
“As a company born out of one of the largest and most innovative health systems in the country, our team experienced firsthand the pain points caused by medical billing challenges, including delayed payments, claim denials, coder shortages, high costs, and the time they take time away from patient care,” Hamid Tabatabaie, CodaMetrix president and CEO, said in a statement. “To address these challenges, medical coding, as the proxy for evidence of care provided, has to become largely autonomous.”
AI-powered preclinical drug discovery platform TandemAI scored $35 million in Series A funding led by Qiming Venture Partners with participation from Eight Roads Ventures, OrbiMed and F Prime Capital.
The company will use the funds to expand its platform, which integrates computational tools with medicinal chemistry, wet lab biophysics and biology to aid in drug discovery.
“TandemAI has developed a compelling vision for drug discovery that leverages both best-in-class experimental and computational technologies,” Jarlon Tsang, managing partner and head of China for Eight Roads, said in a statement. “Significantly, their integrated approach streamlines the discovery workflow and enables access to state-of-the-art computational tools for biotechnology companies at any stage and any scale. They have assembled a world-class team that is executing on that vision.”
In 2021, TandemAI scored $25 million in seed and pre-Series A financing.
BetterNight, a virtual sleep care platform, raised $33 million in growth funding led by NewSpring with participation from existing investors HCAP Partners and Hamilton Lane.
The Calif.-based company focuses on individuals with insomnia and obstructive sleep apnea, offering those with sleep disorders consultations, diagnosis and treatment as well as long-term coaching.
The funds will be used to continue its U.S. expansion through partnerships with healthcare providers, insurers, employers and health plans, and it will invest in technology to help with remote patient monitoring and patient engagement.
“The NewSpring team has a strong track record of building successful, scalable healthcare companies, and we believe they are the perfect partner to help power our company’s next stage of growth,” Dave French, BetterNight’s CEO, said in a statement.
Toronto-based Xandar Kardian, which develops contactless radar-powered health monitoring systems, scored $10 million in Series A funding from Portfolia, a community of women investors.
The funds will be used to continue development of Xandar’s technology across the long-term care sector, including assisted living, active adult living and independent living.
“Our radar-based solutions represent the future of healthcare and patient monitoring, opening countless doors for healthcare providers and enabling people everywhere to achieve a new standard of quality in the predictive and preventive care they receive,” Sam Yang, CEO and founder of Xandar Kardian, said in a statement. “Portfolia’s continued support of Xandar Kardian, highlighted by this significant investment, speaks volumes about how much they align with our mission and believe in the life-saving capabilities of our technology.”
Virtual reality and augmented reality platform Healium, which tracks biometric data from consumer wearables then transfers those patterns into visuals within immersive technology, scored $3.6 million in seed funding.
Ambition Fund II, Citrine Angels, KCRise Fund, Captain Partners & Astronaut Holdings, Impact Venture Capital, Coact Capital, Mayo Clinic, Missouri Technology Corporation, Gaingels, QRM Capital, Tidewater Capital, Underdog Ventures and Stadia Ventures participated in the round.
The company also announced it entered into an agreement with Mayo Clinic, who has a financial interest in the technology. Mayo will provide subject experts to the AR/VR platform to assist in developing immersive mental health and fitness experiences.
“By collaborating with Mayo Clinic, we’ve built an important bridge between biometric data, generative AI and XR content,” Sarah Hill, Healium’s CEO, said in a statement.