Patient financial management platform Cedar has raised $36m in its Series B led by Kinnevik.
Other contributions to the round came from existing backers Founders Fund and Thrive Capital. A selection of new backers also took part including Lakestar, Sound Ventures, Kevin Systrom of Instagram and Nat Turner of Flatiron Health.
New York-based Cedar is a customer relationship management system for healthcare providers to improve payment processes. By implementing machine learning and data science technology, the company creates optimal outreach strategies, unique payment plans and a preferred payment method for individual patients.
Clients use the technology for patient engagement, view previous billing interactions, monitor financial activity, and track collection rates, cost-to-collect, and time-to-collect all in real-time.
This equity line will be used to invest in the next generation of technology for the Cedar platform, as well as expanding its current team. Later in the year, Cedar hopes to launch new features and functions to further improve the patient and healthcare providers engagement.
Kinnevik senior investment director Chris Bischoff said, “Today, it’s more critical than ever to deliver a patient-first experience, particularly given the changing dynamics in the healthcare payment space.
“Cedar uniquely understands these needs and has built a platform that enables healthcare organizations to engage with their patients in a seamless, delightful manner while realizing significant ROI results.”
This funding comes just months after the platform collected $13m for its Series A round, which was raised to support the launch of the Cedar product. Investors to support the initial round included Founders Fund, Thrive Capital, Martin Ventures and SV Angel.
Earlier in the year, Kinnevik led the $16m Series A round of digital and physical payment card provider Pleo.
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