Covera Health Secures $8.5M Series A Funding to Accelerate Development of Radiology Data Analytics Platform

VCBeat (WeChat Official Account: vcbeat) has learned that on February 19, 2019, Covera Health, a medical data analytics company, announced the completion of an $8.5 million Series A financing round. The round was led by Equity Group Investments (EGI), with participation from several individual investors.

The funds will be allocated primarily across three areas: first, to deepen clinical partnerships between Covera Health and healthcare institutions; second, to accelerate the research and development of radiology data analytics products; and third, to advance the implementation of the “Center of Excellence in Radiology” program in collaboration with partners.

Covera Health, founded in 2017 and headquartered in New York City, USA, aims to provide employers with management solutions through data analytics to ensure patients receive appropriate care and to avoid misdiagnosis and missed diagnosis during medical treatment. Covera Health collaborates closely with hospitals to conduct on-site research and continuously refines its data analytics methods based on feedback. Currently, the company has made significant progress in “patient care,” “quality healthcare,” and “product delivery.”

Covera Health leverages advanced data analytics to create a “Center of Excellence in Radiology” program for employers, government health plans, and other healthcare organizations, aiming to reduce patient examination time and lower medical costs. According to foreign media reports, Covera Health operates across all U.S. states.

“Accurate diagnostic results are critical to formulating the correct treatment plan. With this in mind, Covera Health has invested heavily in data analytics, striving for excellence in every detail of product development. During our market research, we observed far too many patients missing the optimal window for treatment due to misdiagnosis, leading to progressive disease deterioration and significantly impacting their daily work and lives,” said Daniel Elgort, Vice President of the Medical Data Analytics and Research Division at Covera Health.

“EGI is a venture capital firm with unique insight, advocating for flexible capital operations and demonstrating a strong sense of responsibility and mission. It is our ideal partner,” said Ron Vianu, CEO of Covera Health, in an interview with the media. “We will strengthen our collaboration with healthcare institutions, promptly address any feedback received, and optimize our data analytics products to ensure that every partner receives the highest quality service and that all patients have the best possible chance of recovery. Currently, Covera Health’s related products serve a patient population exceeding one million. I believe we will continue to improve and achieve even greater success.”

Equity Group Investments is a venture capital firm with a 45-year history, headquartered in Chicago, Illinois, USA. The firm primarily invests in innovative companies and large enterprises.

(Compiled by Hu Xuan)