AI-focused Ferrum Health nabs $16M
Ferrum Health, a company that aims to help health systems deploy AI tools from vendors, closed a $16 million Series A funding round.
Venture capital firm Foundry led the round. Catalyst by Wellstar, the venture and innovation arm associated with Marietta, Georgia-based health system Wellstar participated UnitedHealthcare Accelerator, which is run by large insurer UnitedHealth Group and venture capital firm Headwater Ventures.
Related: Top digital health funding: Generative AI company gets $25M boost
The company, which was founded in 2018, helps diagnostic and imaging AI vendors integrate their technology into health systems. Ferrum also has developed technology that automatically validates vendor algorithms in use. The company currently works with health system customers Sacramento, California-based Sutter Health and Urbana, Illinois-based Carle Health. Ferrum will use the round to further scale and invest in its platform, according to CEO Pelu Tran.
Tran said the round brings the company’s total raised to $31 million.
AlleyCorp, Reach Capital invest in pediatric specialty care
Coral Care connects families with developmentally-delayed children with at-home physical, occupation and speech therapists. The company, currently serves patients in Massachusetts.
Coral Care founder and CEO Jen Wirt said the company will use the funding to expand into Texas, Rhode Island and New Hampshire. The round brings the company’s total raised to $6.5 million.
Former PillPack, Blackstone execs back Mevo
Mevo, a digital prescription platform company, raised $19 million in a Series B funding round.
Venture capital firm Matrix led the round. Venture capital firms Floating Point and IJK Capital participated in the round with former online pharmacy PillPack co-founder Elliot Cohen. Both Cohen and former CEO and co-founder of PillPack TJ Parker, who began working with Matrix as a general partner in June 2023, will join the company’s board. Jefferson River Capital, a wealth management firm associated with Costco chair Tony James, also joined the round.
Mevo has developed a tool that enables providers in Brazil to issue digital prescriptions. Mevo said in a release it would use the funding to expand its network of healthcare providers, enhance its current products and explore additional healthcare services beyond the fulfilment of prescriptions.
The round brings the company’s total raised to $37 million.
