Covera Health earns $50M in funding, acquires radiology AI company
AI diagnostic and radiology technology company Covera Health has announced $50 million in additional funding for its series C round, as well as plans for some restructuring of operations.
As part of the funding deal, Covera has finalized the acquisition of radiology AI company CoRead, whose diagnostic imaging report analysis capabilities will be seamlessly integrated into Covera’s clinical quality assurance offerings, the companies said in a statement. CoRead is used by over 2,000 hospitals nationwide.
As a direct result of the CoRead acquisition, Lawrence Ngo, the former CEO, is set to take a senior vice president role at Covera.
"Joining Covera Health presents an exciting opportunity to reshape how we apply AI in radiology," Ngo said in the statement. "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."
With this funding and the CoRead acquisition, Covera said it aims to expand the offerings on its marketplace, which serves both payers and providers with applications to improve radiology quality and efficiency.
According to Covera, the marketplace gives providers access to a wider range of quality radiological studies and details on medical conditions, offering insights that ideally improve care delivery. Employers and their healthcare plans are also able to utilize information and applications on the marketplace to strengthen their care management programs, leading to improved patient coverage while reducing the expenses linked to misdiagnoses.
Leading the investment round is software investment firm Insight Partners, who committed $25 million to Covera.
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