While venture capital investments in digital health are far from their peak, investors continue to fund companies operating in artificial intelligence, women's health and the Medicare Advantage spaces.
Here are five funding deals from this week.
Startup bringing A.I. to revenue cycle nabs $16M
Outbound AI, which uses generative A.I. to help healthcare administrators with revenue cycle management, secured a $16 million seed funding round.
The company has developed a conversational A.I. technology that can complete revenue-based tasks for medical practice administrators, such as verifying billing questions, handling prior authorizations with payers and checking on claim status.The company uses OpenAI’s GPT large language model from Microsoft Azure for its narrative summaries of each call.
Outbound AI said the funding would be used to hire additional staff, expand sales and marketing efforts around revenue cycle use cases and advance the performance of its A.I. technology. The seed round was co-led by venture capital companies Madrona Venture Group and SpringRock Ventures.
Aledade raises $260M to expand clinician network, invest in A.I.
Aledade has achieved unicorn status through a $260 million funding round, which the company said it will use to grow its network of independent clinicians and invest in technology, including artificial intelligence.
Digital health company secures $10M to expand large language model
Duos, a digital health company focused on Medicare Advantage beneficiaries, raised $10 million in a funding round.
Duos helps Medicare Advantage members access additional benefits through a platform that connects insurers, employers and providers. The company aims to find transportation, food and other services for Medicare Advantage members depending on their social determinants of health and care navigation needs.
It will use the capital to expand and hone its A.I. technology, a spokesperson said.
The round was led by Primetime Partners, SJF Ventures and Castellan Group. The company has raised $33 million.
Former Providence spinoff DexCare closes $75M Series C funding round
Care access platform DexCare closed a $75 million Series C equity funding round. The company said it will use the capital to increase its specialty care offerings in areas where existing provider customers have expressed demand, such as orthopedics and oncology.
Gen Z-focused startup scores $16.75M from GV
Venture capital companies GV (formerly Google Ventures) and Maveron led a Series A funding round of $16.75 million for Caraway Health.
Caraway provides virtual and in-person mental, physical and reproductive healthcare services primarily to Gen Z-aged women through affiliations with colleges. The company said it will roll out its services to women in Colorado, Pennsylvania, Illinois, Massachusetts, Michigan and New Jersey. It currently serves people in California, New York, North Carolina and Ohio.
Other investors were 7wireVentures, Hopelab Ventures, Wellington Access Ventures, Ingeborg Investments and The Venture Collective.
Caraway was founded in July, amid rising interest in women’s health companies in the post- Roe v. Wade environment. The company received $10.5 million in seed funding last year from 7wireVentures and Omers Ventures.
