Digital health company Cohere Health has raised $90 million in a series C funding round to bolster research and development opportunities.
The round was led by Temasek, an investment firm owned by the Singapore minister for finance. Other investors joining the round are Deerfield Management, Define Ventures, Flare Capital Partners, Longitude Capital and Polaris Partners.
For most of Cohere’s history, the company has focused solely on simplifying prior authorization for payers and risk-bearing providers. Cohere is now looking to use artificial intelligence to improve care management and other instances of administrative burden, said CEO Siva Namasivayam in an interview with Fierce Healthcare.
“Now we are finding that, since we have a lead in the marketplace, we want to be able to take the clinical grade AI we developed and get into additional areas that can help both the payers and the providers,” he said.
The funds will primarily go toward AI models—which are costly and need adequate cloud bandwidth and processing power as well as expertise. Secondarily, the funds will add to the company’s sales and marketing budget.
Cohere is also looking at the possibility of small acquisitions to “bolster our subject matter expertise,” said Namasivayam.
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