San Francisco-based Develop Health, a benefits verification and prior authorization platform, has secured $14.3 million in Series A funding, bringing its total raise to $17.6 million.
Wing Venture Capital led the round, with participation from Afore Capital, South Park Commons and J Ventures.
WHAT IT DOES
The company offers an EHR-integrated generative AI platform for medication access, which includes insurance verification, and prior authorization package generation and submission.
Develop Health said it will use the funds to partner with digital health companies to help them navigate the pharmacy benefit space into the medical benefit market, as well as companies outside of digital health, and expand its integrations into EHRs and PBMs.
"We believe providers should be able to make care decisions with full visibility into a patient's plan, because a prescription that isn't affordable or accessible is no prescription at all," Mel van Londen, cofounder and CEO of Develop Health, said in a statement.
'We're building healthcare's agentic clearinghouse, starting with medication access and designing infrastructure that meets both payers and providers where they are."
MARKET SNAPSHOT
Other companies in the space include Foundation Health, which offers AI-enabled automation, telehealth, diagnostics and pharmacy tools.
Last year, the company announced the closure of a $6 million seed funding round.
In June, Foundation Health announced that its PAIGE AI platform will be utilized to automate patient outreach and communication workflows in a six-month program at Intermountain Health's specialty pharmacy operations.
Cohere Health is a prior authorization automation platform that secured $50 million in equity funding in February, bringing its total raise to $106 million.
In 2021, less than a year after Cohere officially launched, it secured $36 million in Series B funding. The year before, it raised $20 million over two funding rounds.
