Cohere Health raises $90M to scale AI-powered services

Cohere Health, a utilization management software company, announced it raised $90 million in a Series C funding round.

Investment company Temasek led the round. Other investors included Deerfield Management, Define Ventures, Flare Capital Partners, Longitude Capital and Polaris Partners.

The company sells a software platform for prior authorization to health plans and risk-bearing provider systems. Its software incorporates data from clinical notes and insurance claims with the aim of reducing times for coverage determinations and lowering administrative expenses.

Cohere, which was founded 2019, said it will use the funding to scale its AI capabilities, including AI agents, which are specialized tools developed to help organizations complete time-intensive functions more efficiently. Cohere will also use the round to expand into other use cases, including risk adjustment, population health management and payment accuracy.

“Today there are so many healthcare processes that are highly manual,” Cohere Health co-founder and CEO Siva Namasivayam said in an interview. “They’re manual because the people who are in the workflow have to digest the information.”