NEW
YORK, April 24, 2024 /PRNewswire/
-- Alaffia Health, the leader in generative AI for health plan
claim operations, today announced $10M in Series A funding, bringing its total
amount of capital raised to $17.6M.
The round was led by FirstMark Capital, with participation from
GingerBread Capital and existing investors including Anthemis,
Aperture Venture Capital, 1984 Ventures, Remarkable Ventures, and
Tau Ventures. In connection with the round, Amish Jani from
FirstMark will join the company's Board of Directors. Alaffia's
management team intends to use the funding to expand its commercial
footprint and further invest in advanced AI research and product
development.
Since its Seed funding round, Alaffia has achieved robust
growth, increasing its revenues by 4x over the past 12 months
alone. Earlier this year, Alaffia was also featured in the Everest
Group's Payment Integrity Solutions PEAK Matrix® Assessment, a
testament to its profound presence and leadership in claims
solutions for health insurance plans. This recognition, combined
with its surge in revenue, underscores the industry's appetite for
Alaffia's leading AI solutions across the health plan
ecosystem.
A key component to Alaffia's success is the efficacy of its
advanced AI solutions provided to its health insurance plan
customers. The company last year announced its new, flagship
generative AI tool, Ask Autodor, a co-pilot built for health
insurance claims teams. Ask Autodor was purpose-built for
clinicians and medical coders to automate complex manual tasks such
as large patient medical record reviews, clinical policy document
assessments, and insurance claim adjudication. Clinicians and
medical coders across utilization management, payment integrity,
special investigations, and appeals can leverage Ask Autodor to
complete complex facility claim reviews up to 20x faster than
traditional processes.
As generative AI continues to dominate industry discussions this
year, industry experts and economists expect significant monetary
implications for various sectors. In healthcare, where the U.S.
spends over $4 trillion annually,
Alaffia Health's AI solutions are expected to play a crucial role
in cost reduction. "The advent of advanced, multimodal, AI systems
represents the breakthrough we all needed to finally bend the
healthcare cost curve," said TJ Ademiluyi, co-founder and CEO of
Alaffia Health. "We're pioneering the adoption of these new AI
tools across the ecosystem and are excited to partner with
FirstMark to achieve our next set of milestones."
This round of funding reaffirms Alaffia's commitment to
innovation and its vision for a more efficient healthcare
system—one that eliminates unnecessary costs and improves outcomes
for patients. "Alaffia is transforming the healthcare industry with
new AI tools, and we at FirstMark are immensely proud to support
their journey," said Amish Jani, co-founder of FirstMark. "Their
innovative use of large language models is not just enhancing
claims operations—it's reshaping the healthcare landscape for
providers, payers, and patients alike. We are confident their
innovative approach will establish new industry standards,
significantly curbing wasteful spending and benefiting the entire
ecosystem."
About Alaffia Health
Alaffia Health is a leading AI company that helps health
insurance plans streamline their operations and reduce claim
spending. The company offers Autodor, its integrated claims
platform, to revolutionize the way that clinicians and medical
coders across utilization management, payment integrity, special
investigations, and appeals review health insurance claims. Alaffia
Health has been featured on Forbes, TechCrunch, Business Insider
and Becker's Hospital Review. For more information, visit
www.alaffiahealth.com.
About FirstMark Capital
FirstMark is an early-stage venture capital firm based in
New York City. Our mission is to
partner with entrepreneurs who are focused on solving meaningful
problems. We have built an engaged community among the teams in our
network to spread ideas and opportunities. We are privileged to
work alongside the founders of businesses like Pinterest, Shopify,
Airbnb, Discord, Ro, Justworks, and Gravie. Visit us in
New York City or online at
www.firstmark.com and @FirstMarkCap on Twitter/X.
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SOURCE Alaffia Health