Veda offers an AI/ML platform that automates complex data processes for healthcare payers and providers, including extraction, transformation, and loading (ETL) of provider data. The company says its technology can save healthcare payers and providers up to 90% in administrative costs by improving processing speed and accuracy. Veda has supported some of the country’s largest health insurance companies and in 2021 expected to save health plans 500,000 hours in provider data processing time. In one example a Medicaid health plan automated file processing, reducing manual entry by 90% and cutting processing time from four weeks to 24 hours. Veda positions its platform to meet imminent regulatory requirements such as the No Surprises Act, which requires provider directory updates to be processed in under 48 hours. The company is headquartered in Madison, WI, and plans to use new funding to scale product innovation, customer success, and go-to-market efforts while expanding its customer base.

Total raised

$45M

Funding rounds

1

Latest round

Series B

Latest activity

Jul 2021