AI Healthcare Startup Cohere Health Raises $50M, Plans Major Growth After Hitting $100M Revenue
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Cohere Health, an AI healthcare startup, raised $50 million in a Series B extension round led by Deerfield Management. This brings its total funding to $106 million.
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Cohere provides software to health insurers to automate and digitize the prior authorization process. It has deals with major insurers like Humana.
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The funding will help Cohere get back to profitability. It expects $100 million in revenue this year and to sign 12-15 new health plan contracts.
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Cohere stands out for quickly delivering ROI, saving clients up to 3x the cost of its software. The funding gave it a valuation boost.
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This year Cohere plans to hire up to 75 engineers and 50 doctors to improve its technology. It also plans to expand into medical imaging AI and value-based care.