Anterior, an InsurTech which specialises in leveraging AI to accelerate health insurance approvals, has finalised a $20m Series A round.
According to InsurTech Insights, the funding round was led NEA, a seasoned Venture Capitalist, but also featured participation from existing investors Sequoia and Neo.
A number of angel investors also joined the round, including Mustafa Suleyman, who was recently hired by Microsoft to lead the company’s consumer AI division.
This latest capital injection will see the company’s valuation soar to $95m.
Anterior intends to use the new funding to accelerate its hiring strategies and continue refining its product. The ultimate goal is for Florence, the firm’s AI-driven co-pilot, to become as ubiquitous as a doctor’s pager but 100 times smarter.
Florence streamlines the process of gathering medical documentation, aiming to reduce denial rates and accelerate patient access to care. Anterior plans to expand its services into further medical functions.
In addition, NEA co-CEO Mohamad Makhzoumi will join Anterior’s Board of Directors. Makhzoumi commented, “There is a critical need to create efficiencies in healthcare administration, and Anterior’s advanced technology can help streamline processes, reduce costs, and have a significant impact on the industry.”
Abdel Mahmoud, CEO of Anterior, remarked, “Our proprietary technology will reduce the administrative burden health insurers in the U.S. face, ultimately saving the country billions and enabling doctors and nurses to work at the top of their licence. With half of our team being doctors or nurses, we deeply understand the problem we’re solving. We’re thrilled to join forces with NEA and have the continued support of our existing partners as we continue to put our technology to use for healthcare payers and the long-term benefit of patients across the U.S.”
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