Market Overview

Madaket Health Closes $10 Million in Series B Funding to Accelerate Growth, Expand Platform Solutions for Payer-Provider Ecosystem

Share:

Experian Ventures, The PNC Financial Services Group, and Salesforce
Ventures create diverse syndicate led by Qiming Venture Partners

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.

View Comments and Join the Discussion!