BERKELEY, Calif., Dec. 18, 2019 /PRNewswire/ -- Cogitativo, Inc., the first-to-market data-science-as-a-service (DSaaS) company for healthcare service organizations, announced today the closing of an $18.5 million Series B round of financing.
The financing was led by Wells Fargo Strategic Capital (WFSC), a wholly-owned subsidiary of Wells Fargo & Company (NYSE: WFC), and additional funding was provided by Claritas Capital. This investment will support product acceleration of AI-driven solutions to detect and remediate areas of waste and inefficiency in the arrangement and financing of healthcare.
"We are thrilled to have this support from our new financial partners and believe this further validates what has always been our mission, and that's our dedication to positively impacting the U.S. healthcare system," said Gary Velasquez, CEO of Cogitativo. "With this additional capital, we will continue to focus on developing better and faster solutions around healthcare operational performance management."
"We are excited to support a company like Cogitativo and their strong team who clearly prioritize improving efficiencies in the healthcare system," said John Ryan, Managing Director at Wells Fargo Strategic Capital. "We look forward to seeing them use this additional capital to build out their long term strategy and bring advanced analytics and new technology solutions to the industry."
Cogitativo's machine learning platform disrupts the rapidly growing market for healthcare performance improvements by enabling payers and providers to identify and challenge system complexities. In the last two years, Cogitativo has more than tripled in size and introduced new DSaaS, focused on areas of payment integrity and anomaly detection.
"Gary and his team have a proven track record in executing innovative business models and solutions in healthcare and have developed at Cogitativo a compelling DSaaS platform," said John Chadwick, Partner of Claritas Capital. "Cogitativo is focused on utilizing complex data to drive better healthcare processes for customers, and ultimately reducing friction to patients as they navigate the health care system. The Cogitativo platform applies to all payors, hospitals, and self-insured employer groups who are committed to providing the best care in the most efficient manner possible."
Velasquez added, "This new collaboration enables us to further invest in areas such as AI solutions for patient navigation, quality of care, and continuing to address many of healthcare's complex systems problems, providing healthcare organizations with a quantum leap in capabilities for managing their operations."
Presently, nearly 50 healthcare entities with over 45 million members benefit from Cogitativo's solutions to better manage their operational and strategic challenges, and their ability to navigate marketplace complexity.
About Cogitativo Inc.
Based in Berkeley, California, Cogitativo is a mission-driven, data-science-as-as-a-service company that provides machine learning services to help healthcare organizations optimize value from their business operations. Cogitativo's proven machine learning platform helps clients reduce their levels of epistemic opacity while improving efficiency and lowering the cost of healthcare for more than 45 million health plan members. For more information about Cogitativo and its mission, visit www.cogitativo.com.
About Wells Fargo Strategic Capital
Wells Fargo Strategic Capital, a subsidiary of Wells Fargo & Company, provides long term capital in the form of equity and/or debt to current and prospective bank customers, commercial partners of Wells Fargo, as well as approved Small Business Investment Company (SBIC) funds. Wells Fargo Strategic Capital's Merchant Banking services focus primarily on private companies across a wide range of industries, providing creative financing solutions that fund growth and other capital needs. Wells Fargo Strategic Capital has approximately 50 team members across the United States and holds over 180 portfolio investments. For more information, visit https://www.wellsfargo.com/com/financing/strategic-capital/.
About Claritas Capital
Nashville-based Claritas Capital partners with leading health care and technology management teams as they seek to grow their businesses and provides capital investments to help entrepreneurs accelerate their visions. Since inception in 2002, Claritas Capital has invested in over 50 companies who collectively have raised over $6 billion in financing. For more information visit https://www.claritascapital.com.