Verato, a provider of identity matching and Master Patient Index (MPI) solutions, has raised $12.5m in Series B financing.
The new funding, which was jointly led by Bessemer Venture Partners and Columbia Capital, will be used to fuel the company’s growth and accelerate technology development.
Based in McLean, Virginia, Verato offers a cloud-based matching platform that links and matches identities across disparate databases or organisations. It claims to be able to link identity information 15-times better than existing technologies, with its cloud-based platform being less expensive, faster to implement, and more scalable than traditional matching technology.
Along with the new funding, the company has also signed on five new healthcare organizations as customers, tripling its annual recurring revenue, including a multi-billion dollar national payer organisation, three Health Information Exchanges (HIE), and a multi-billion dollar health enterprise with over 20 hospitals and a three-million-member health insurance division.
The news customers will use Verato’s cloud-based identity matching solution to better identify and unify patient records across different health systems.
CEO Mark LaRow said: “The financing and growth is indicative of an increased demand for faster and more effective identity solutions, particularly in the healthcare market. But, regardless whether you are a healthcare organisation, a retailer or hospitality company, or in the public sector, there is an explosion of person data residing in different systems inside and outside of your four walls that needs to be consolidated for analytics, optimizing CRM and customer experiences, and improving operational processes.”
Back in November, Bessemer Ventures Partners participated in a $2.5m seed financing round for financial advice app Albert. The round also included capital from 500 Startups, 500 Fintech and CFSI (Center for Financial Services Innovation).
In the same month, Bessemer also joined a $25m Series C Round for trading algorithm platform Quantopian, with Point72 Ventures, Khosla Ventures and Spark Capital also joining the round, which was led by Andreessen.
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