CAMBRIDGE, Mass.--(BUSINESS WIRE)--Madaket Health, a cloud-based, healthcare SaaS platform solution that simplifies administrative data exchange between payers and providers, announced today that it has closed $10 million in Series B funding. The round was led by Qiming Venture Partners, with additional investor participation from Experian Ventures, The PNC Financial Services Group, and Salesforce Ventures. The funding will allow Madaket to rapidly extend its platform solution deeper into the administrative inefficiencies in the payer-provider ecosystem.
Madaket’s first two offerings—EDI Enrollment and Payer Enrollment/Credentialing—automate the manual, error-prone and redundant processes in common payer-provider transactions. EDI Enrollment streamlines Electronic Funds Transfer (EFT), Electronic Remittance Advice (ERA) and Electronic Data Interchange for Claims (EDI) on behalf of providers. To date, Madaket has processed more than 1.5 million EDI enrollments for customers who have 1.3 million providers under contract to be enrolled on the platform. Madaket’s Payer Enrollment solution automates and simplifies the process of credentialing providers with payers.
“Our platform is a game-changer as it eliminates administrative burdens placed on providers, enabling them to focus on delivering high-quality, patient-centric care,” said Madaket co-founder and CEO, Jim Dougherty. “We brought our proven track record of removing waste, error, and frustration to an industry—healthcare—that spends $130 billion on unnecessary administrative tasks. Our investment partners believe in our mission to become the de facto standard for all administrative data transactions between providers and payers and want to support our growth to meet the increasing demand and accelerate product innovation.”
“When it comes to improving the healthcare industry, we know not all the solutions come from within,” said Gary Rieschel, Founding Partner, Qiming Venture Partners. “We invested in Madaket because they were founded by a team of proven SaaS leaders who know how to bring automation to complex, multi-sided markets. They bring a fresh perspective to reducing waste and friction in the healthcare industry, and they have a consistent track record of creating significant shareholder value. Their early successes are tangible and we are excited about the dynamic group of new strategic investors who will fuel the company’s next phase of innovation and growth.”
To learn more about Madaket, contact Balaji Gandhi at balaji@madakethealth.com.
About Madaket Health
Madaket Health streamlines healthcare’s payer-provider enrollment and payment processes, among other transactions. With its SaaS-based solution, Madaket ensures that enrollments are processed more efficiently and effectively than the manual, error-prone processes commonly used in the industry. Madaket’s technology targets the billions of dollars in administrative waste in order to reinvest in care delivery. Founded in the shared Harvard Square workspace of, and supported by, Koa Labs in 2012, Madaket is led by a team of innovative entrepreneurs, technologists, and healthcare professionals with a proven track record of reducing waste and improving processes. To learn more, visit madakethealth.com.
About Qiming Venture Partners
The Qiming U.S. Healthcare Fund, LP is a new $121 million US healthcare venture fund headquartered in Seattle, WA with offices in Cambridge, MA and Palo Alto, CA. As part of a broader family of Qiming Venture Partners funds, this new fund seeks to invest in US-based private human healthcare companies with potential market opportunities in China. Focused areas of interest are bio-therapeutics, medtech and digital health technologies, with equity investments of up to $12 million. For more information, visit www.qimingvc.com.
About Salesforce Ventures
Salesforce Ventures—Salesforce’s corporate investment group—invests in the next generation of enterprise technology to help companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce has invested in more than 150 enterprise cloud startups since 2009. For more information, visit www.salesforce.com/ventures.
About The PNC Financial Services Group, Inc.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For more information, visit www.pnc.com.
About Experian and Experian Ventures
Experian is the world's leading global information services company. During life's big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime. We have 16,500 people operating across 39 countries and every day we're investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. Experian Ventures, located in Silicon Valley, Singapore, London, and Brazil, invests globally in startups developing innovative consumer and business solutions for data creation, analytics and machine learning and information security. Experian is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 Index. Learn more at www.experianplc.com.