Healthcare Machine Learning Startup Cogitativo Closes $5M Series A Financing
BERKELEY, Calif., Sept. 21, 2017 /PRNewswire/ -- Cogitativo, Inc., the first-to-market machine learning and data-science-as-a-service company for healthcare organizations, announced today the closing of a $5 million Series A funding round. The strategic investment by HCSC Ventures, Inc., a wholly-owned subsidiary of Health Care Service Corporation which specializes in investments in innovative health care companies, will support the product-line expansion for anomaly detection and real-time operational decision support solutions for healthcare payers.
Cogitativo brings a new scientific paradigm to the rapidly growing market for healthcare performance improvements by enabling payers and providers to challenge system complexity through Cogitativo's machine learning platform. Cogitativo has more than tripled in size over the past two years while introducing new disruptive, machine learning products in areas of payment integrity and anomaly detection. Presently, over 13 health plans with over 30 million members benefit from Cogitativo's solutions to better manage their operational and strategic challenges, which improves their ability to navigate marketplace complexity.
Gary Velasquez, CEO of Cogitativo, said, "Cogitativo is well positioned to continue to partner with the country's most successful and innovative healthcare organizations. We are grateful for the market validation of our unique approach and look forward to deploying this funding to further invest in our technology, services, and people. With the collaboration of our clients, we will continue to address many of healthcare's complex systems problems, providing healthcare organizations a quantum leap in capabilities for managing their operations."
"Investments by HCSC Ventures support growth in companies that share our goal of increasing accessibility and affordability of health care," said Sahil Choudhry, executive director, corporate development and venture investments at Health Care Service Corporation. "Cogitativo brings a unique blend of computational scientists with nationally recognized health care operators and advanced data science capabilities to help address complex health care challenges." Choudhry will join the board of Cogitativo as part of the Series A investment.
Within the next several months, Cogitativo expects to release expanded machine learning solutions for improving payment accuracy, care anomaly detection and real-time monitoring of payers' care delivery networks.
Velasquez added, "As our customers have come to depend on us for responding to complex, computationally-based challenges that drive economic results, they are also asking more of us. This new financing will allow us to accelerate our response to their requests by expanding the breadth and depth of the solutions we provide for managing complexity and uncertainty. These new solutions will enable better, faster decisions, from pricing to network management."
About Cogitativo Inc.
Based in Berkeley, California, Cogitativo is a mission-driven machine learning, data curation and technology company that helps healthcare organizations extract value from public and proprietary data sources needed to improve the U.S. health system. Cogitativo's proven machine learning platform helps clients reduce their levels of epistemic opacity while improving efficiency and lowering the cost of healthcare for more than 30 million health plan members. For more information about Cogitativo and its mission, visit www.cogitativo.com.
SOURCE Cogitativo, Inc.