Sift Healthcare, an AI-powered software designed to improve healthcare payments, has secured $2.8m in a new funding round.
Of the capital injection, $1.8m was supplied by Rock River Capital Partners and the Winnebago Seed Fund. The FinTech did not disclose how the remaining $1m was raised.
Following the close of the over-subscribed seed round, the company plans to ex[and its data science and data engineering teams in order to meet rising demands. Capital will also be used to deepen its AI-based solutions.
Founded in 2017, the company leverages AI and machine learning to accelerate insurance reimbursement, personalise patient collections strategies and improve revenue cycle efficiency.
In tandem with the investment, the company has revealed a new partnership with State Collection Service. The Wisconsin-based healthcare receivables company will make use if Sift’s technology in a three-year deal.
State Collection Service president Tim Haag said, “State has run rigorous tests with Sift and the results we’ve seen have been significant. We’re excited to add the power of Sift’s data science and analytics to our tech stack.
“State has a long history of bringing best-in-class technology to the receivables industry and Sift’s solutions will help further this commitment to innovation.”
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