Participated · Series C · Aug 2021

Covera Health is an NYC-based AI-enabled diagnostic technology company focused on radiology performance measurement and impact. The company operates a two-sided marketplace connecting payers and providers to drive quality performance and ensure patients receive high-quality radiology care. Covera plans to augment and scale this marketplace following its acquisition of CoRead, an AI quality assurance company used by more than 2,000 hospital sites nationwide. As part of the acquisition, Lawrence Ngo, former CEO of CoRead, joined Covera as Senior Vice President, Quality Assurance Platform, reporting to President Aaron Friedkin. Led by founder and CEO Ron Vianu, Covera works with payers and health systems to measure and improve radiology performance. The company raised up to $50M in additional Series C funding to support these efforts, with $25M already committed. Covera Health offers a quality analytics platform that leverages advanced data science and artificial intelligence to detect medical errors and deliver clinically validated, actionable insights to physicians and payers. Its first product, the Radiology Centers of Excellence (CoE) program, is used by large employers and health plans nationwide and serves millions of patients. The platform addresses diagnostic accuracy across conditions including musculoskeletal and spinal disorders as well as breast and lung cancers. Covera partners with physician groups, employers, and health plans to integrate insights directly into clinical and administrative workflows to drive better patient outcomes and reduce unnecessary care. The company plans to scale its CoE program, enhance its medical error detection technology, deepen data integrations across payers and providers, and grow its organization. Financially, Covera recently completed a $25M Series C to meet growing demand and expand its suite of products. Covera Health provides clinical analytics solutions designed to reduce medical misdiagnoses and improve patient outcomes. Its core offering includes programs for employers, health plans, and strategic partners, with an initial focus on radiology. The company operates a Radiology Centers of Excellence program that runs in all 50 states. Covera intends to accelerate data science R&D to measure and quantify the impact of diagnostic errors and to further support and expand its Radiology Centers of Excellence solution. Financially, the company recently closed a $23.5M Series B financing. The company is led by founder and CEO Ron Vianu. Covera Health builds advanced data analytics solutions that began in radiology and are used to create Radiology Centers of Excellence programs for employers, health plans, and other healthcare entities. The company’s core product aims to reduce misdiagnoses, improve patient outcomes, and lower medical costs. Its solution is deployed in almost every U.S. state and is leveraged by over one million covered lives. Covera Health plans to deepen existing clinical partnerships and establish new relationships with clinical and data partners. The company intends to invest heavily in research and development around quality analytics and to accelerate product development. Covera also plans to grow its data science, engineering, and sales teams to support several growth initiatives.

Participated · Series B · Apr 2011

Cellular Dynamics International is a Madison, Wisconsin–based industrial manufacturer of human induced pluripotent stem cells (iPSCs) and tissue cells used in biomedical and pharmaceutical drug development and safety research. The company develops and markets iCell® products, including iCell Cardiomyocytes. It plans to launch new iCell iPSC lines as well as iCell Endothelial Cells, iCell Neurons, and iCell Hepatocytes. CDI intends to increase production capacity for its iCell Cardiomyocytes and to expand its commercial organization. The company was founded by CSO James A. Thomson and is led by Chairman and CEO Robert Palay. CDI has raised a total of $100m since 2004. Cellular Dynamics produces induced pluripotent stem cell–derived human cells, launching beating heart cells as its first commercial product in December. The company converts adult tissue and blood samples into iPS cells that can be differentiated into more than 200 cell types for drug researchers. It will use the $40.6 million infusion to scale production of its heart cells and expand manufacturing capacity. Management plans to develop liver, nerve and blood vessel cell products and expects to launch all three in 2011, though sequencing has not been decided. Last year the company’s sales were described as being in the multimillions; it has 80 employees and currently conducts manufacturing in Madison. Longer term, Cellular Dynamics aims to produce personalized stem cell lines based on an individual’s blood and tissue for individualized drug testing.