Covera Health Raises $25Million in Series C Financing to Fuel Growth of Its Healthcare Quality Analytics Platform

Led by Insight Partners, the Investment Enables the Company to Meet the Continued Demand for Its Market-Leading Platform Serving the Provider, Payer, and Health Plan Markets

Covera Health, the leading quality analytics company focused on improving patient care by reducing medical errors, announced its Series C financing. The $25M funding was led by global venture capital and private equity firm Insight Partners with participation from existing investors including Equity Group Investments. The round enables Covera to not only meet the growing demand for its healthcare quality insights, but also significantly expand its suite of innovative products supporting physicians and payers in their efforts to improve patient outcomes.

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“We’re excited to continue this journey with Covera as they harness their powerful artificial intelligence platform to transform how healthcare is measured and delivered, with the potential to benefit hundreds of millions of patients across the globe.”

Covera is solving one of the most impactful and challenging problems in healthcare : ensuring patients get the right diagnosis at the right time, which gives them the best chance of a successful health outcome. Covera partners with physicians and empowers them with actionable, clinically-validated quality insights, which are used to drive better patient care. Through this collaboration, Covera helps payers reduce medical expenses related to unnecessary and misdirected care and supports value-based care programs.

Covera’s quality analytics platform, which leverages advanced data science and artificial intelligence, improves outcomes across a wide range of medical conditions and diseases, from musculoskeletal and spinal conditions to breast and lung cancers.

“We’re at an incredible juncture in the evolution of Covera. There’s significant demand for the insights we deliver across the entire healthcare ecosystem, and we’re fortunate to have partners—from leading physician groups, to Fortune 50 employers and innovative health plans—that are willing to trust and work with us to bring improved outcomes to the patients they serve,” stated Covera Health founder and CEO Ron Vianu. “Our unique ability to deliver meaningful quality insights when they are needed most, integrated directly into clinical and administrative workflows, allows us to truly support both physicians and payers alike, and ultimately improve patient care at scale,” added Vianu.

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Covera has already achieved success with its first product built on this platform, its national Radiology Centers of Excellence (CoE) program, which is used by some of the largest employers and health plans in the nation, serving millions of patients across the country. In addition to using a portion of the funding to accelerate the scaling of its CoE program, Covera will invest in further enhancing the platform’s underlying medical error detection technology, deepening its data integrations across payers and providers, while continuing to grow and scale the organization. Covera expects to dramatically increase the number of patients, providers, and payers that leverage its solutions over the coming months and years, further cementing itself as the leading quality analytics company in healthcare.

“An accurate radiology diagnosis is an essential ingredient in effective downstream medical care across domains as varied as heart disease, cancer, chronic pain, and musculoskeletal disorders,” said Lonne Jaffe, Managing Director at Insight Partners. “We’re excited to continue this journey with Covera as they harness their powerful artificial intelligence platform to transform how healthcare is measured and delivered, with the potential to benefit hundreds of millions of patients across the globe.”

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