Covera Health Announces Up to $50M in Additional Series C Funding to Redefine the Role of Radiology Nationwide

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Nov 01, 2023, 09:00 ET

Company Expands Industry's Most Sophisticated AI-Enabled Radiology Performance Platform with Acquisition of CoRead

NEW YORK, Nov. 1, 2023 /PRNewswire/ -- Covera Health, the leading AI-enabled diagnostic technology company focused on radiology performance measurement and impact, today announced up to $50 million in additional Series C funding led by Insight Partners, of which $25 million is committed today. The company also finalized the acquisition of CoRead, a leading AI quality assurance company currently being used by more than 2,000 hospital sites nationwide. CoRead stands at the forefront of generative AI focused on performance improvement in radiology, and its capabilities will be integrated into Covera Health's existing best-in-class quality platform.

For more than 10 years, Covera Health has been advancing excellence in radiology, elevating the critical role it plays in healthcare. This additional funding, combined with the acquisition, will empower Covera Health to rapidly augment and scale its two-sided marketplace between payers and providers. Providers will gain access to comprehensive quality insights across a broader range of radiological studies and pathologies, enhancing their quality improvement and peer learning activities. Simultaneously, employers and their health plans will leverage these insights to enhance their network and care management programs, ensuring improved patient care and outcomes while mitigating the costs and harms associated with misdiagnosis.

"There are over 1,300 imaging exams performed every minute in the U.S. These studies serve as the backbone of our healthcare system and are central to a patient's diagnosis, but their impact is often underestimated," said Ron Vianu, Founder and CEO, Covera Health. "Enhancing the field's ability to quantify and improve diagnostic quality is essential to both improve patient outcomes and ensure providers are compensated for the value they provide."

Insight Partners led Covera Health's two prior funding rounds.

"We are continually impressed by Covera Health's dedication to improving quality of care and decreasing costs by applying AI to radiology. They stand out as a company with the potential to revolutionize how healthcare is measured, rewarded, and delivered at scale," said Jeff Horing, Managing Director and Co-Founder, Insight Partners.

As a result of the acquisition, Lawrence Ngo, former CEO of CoRead, will join Covera Health as Senior Vice President, Quality Assurance Platform, reporting to President Aaron Friedkin.

"Joining Covera Health presents an exciting opportunity to reshape how we apply AI in radiology," said Ngo. "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."

To learn more about Covera Health: www.coverahealth.com.

About Covera Health
Covera Health is the leading AI-enabled diagnostic technology company focused on radiology performance measurement and impact. Working with some of the nation's largest payers and health systems, Covera Health serves as the industry's first two-sided marketplace to drive quality performance and ensure patients receive the highest quality radiology care. By unlocking AI-powered insights and value to support the broader healthcare ecosystem, Covera Health enables payers, providers, and other stakeholders to leverage diagnostic imaging in new ways to transform patient care. For more information, visit www.coverahealth.com.

SOURCE Covera Health