Veda Raises $45M in Series B Funding

Veda, a Madison, Wisc.-based artificial intelligence (AI) and machine learning platform to save healthcare and administrative costs by enhancing the processing speed and accuracy of information, raised $45m in Series B funding. In conjunction with the funding, Andrew Adams, managing partner and co-founder at Oak HC/FT, will join veda’s Board of Directors. The company intends to use the funds to scale rapidly to address imminent regulatory requirements of the No Surprises Act,* as well as to expand product innovation, customer success, and go- to-market efforts. Led by Meghan Gaffney, CEO, Veda offers an AI platform where payers can transform and ingest provider rosters rapidly, reducing turnaround times from weeks to just 24 hours. Starting January 1, 2022, the law will require that all provider directory updates be processed in under 48 hours.