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.
Contact:
Kaylan Devlin
Kaylan.devlin@cogitativo.com
Phone: (510) 761-7420
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SOURCE Cogitativo, Inc.