This roundup is meant to highlight some of the most notable funding rounds of the month and is not intended to be comprehensive.
Health tech companies made several major funding announcements in May. Here is a list of some of the biggest funding rounds.
Cohere Health raises $90 million in Series C funding
Boston-based Cohere Health provides AI-powered prior authorization solutions to help improve the relationship between payers and providers. It works with about 600,000 providers and processes about 12 million prior authorization requests each year.
The $90 million in funding was led by Temasek and included support from Deerfield Management, Define Ventures, Flare Capital Partners, Longitude Capital and Polaris Partners. It will help the company scale and invest in its AI products, according to the announcement. In total, Cohere Health has raised $200 million.
Akido Labs secures $60 million in Series B funding
Los Angeles-based Akido Labs is an AI and care delivery company. It offers a product called ScopeAI, which helps providers diagnose patients, identify the most effective treatment and predict health risks.
The $60 million Series B round was led by Oak HC/FT with participation from Greco, SNR, Y Combinator, Future Communities Capital, Jeff Dean (chief scientist of Google DeepMind and Google Research), and the Comprehensive Blood & Cancer Center. The financing will help scale its ScopeAI product.
Sprinter Health snags $55 million in Series B funding
Menlo Park, California-based Sprinter Health works with health plans and offers both in-home and virtual care. Its community-based health staff, called Sprinters, and remote nurse practitioners provide diagnostic screenings, vital checks, medication management support, wellness visits and care navigation. The Sprinters are W-2 employees and are certified as phlebotomists and trained with medical assistant and community health worker skills.
The $55 million Series B round was led by General Catalyst and included participation from Andreessen Horowitz (a16z) Bio + Health, the Regents of the University of California, Google Ventures and Accel. The financing will help the company grow its team and expand to new geographic regions. Sprinter Health has raised more than $125 million in total.
PhaseV raises $50 million in Series A funding
Boston-based PhaseV is a technology company that uses AI and machine learning to help biopharma sponsors and Contract Research Organizations make accurate and efficient clinical development decisions.
The company’s $50 million raise was co-led by Accel and Insight Partners and included participation from existing investors Viola Ventures, EXOR and LionBird. It will help PhaseV “grow its vertical AI platform to provide holistic solutions for clinical development,” according to the announcement. The company has raised $65 million in total.
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