Cogittivo Secures $18.5M Series B Funding to Advance Healthcare Operations Platform and Reduce Medical Costs

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on December 18, 2019, Cogittivo, a U.S.-based healthcare data services company, announced the completion of an $18.5 million Series B financing round. The round was led by Wells Fargo Strategic Capital (WFSC), with participation from Claritas Capital.

This round of financing will support Cogittivo in accelerating the development of its healthcare operations management platform, designed to detect and rectify wasted medical capital in the healthcare market and reduce healthcare operational costs.

Cogitativo, founded in 2014 and headquartered in Berkeley, California, is a healthcare data services company. Cogitativo is a machine learning enterprise that provides world-class solutions to healthcare organizations. The company helps healthcare institutions optimize the value of their business operations by assisting clients in understanding complex medical data. To date, Cogitativo’s validated machine learning platform has helped over 45 million health plan members enhance their health awareness, while also improving healthcare providers’ work efficiency and reducing medical costs for both hospitals and patients.

Gary Velasquez, CEO of Cogittativo, stated, “We are delighted to secure the support of new financial partners. With this additional funding, we will continue to dedicate ourselves to developing superior and more efficient healthcare operational performance management solutions, helping more partners reduce their healthcare costs.”

John Ryan, Managing Director at Wells Fargo Strategic Capital, stated, “We are pleased to support companies like Cogittativo and their strong team, who have clearly made improving healthcare system efficiency a core part of their corporate development strategy. We look forward to seeing them leverage this funding to formulate long-term strategies and bring advanced new technological solutions to the industry.”

John Chadwick, a partner at Claritas Capital, stated, “Gary and his team have a strong track record of implementing innovative business models and solutions in the healthcare sector. The DSaaS platform developed by Cogittavo is impressive. Cogittativo is committed to leveraging complex data to provide better care support for patients and ultimately streamline cumbersome processes during their medical journeys. The Cogittativo platform is suitable for all hospitals and clinics.”

Gary Velasquez added, “This new partnership enables us to further focus on AI-driven patient navigation solutions and healthcare quality, while continuing to address the many complex systemic challenges in healthcare, thereby helping healthcare organizations enhance their operational management capabilities.”

Wells Fargo Strategic Capital is the primary investment and commercial division of Wells Fargo & Company, focusing on providing structured financing to small and medium-sized enterprises in the United States and Canada. The commercial banking services of Wells Fargo Strategic Capital are mainly concentrated on private companies across various industries. Currently, the firm has approximately 50 team members in the United States and holds more than 180 portfolio investments.

(Compiled by Wang Fang)