Verifiable, a budding HealthTech firm targeting the inefficiencies in healthcare credentialing, has successfully raised a notable $27m Series B.
The Austin-based startup now boasts a total funding pot of $47m, demonstrating significant investor confidence in its innovative solutions.
The substantial investment was led by esteemed investors including Craft Ventures LLC, Highland Capital Partners LLC, Degree Inc.’s The Altman Fund, Struck Capital Management LLC, and 137 Ventures Management LLC. Their support is a clear endorsement of Verifiable’s mission to revamp a critical, yet delay-ridden, facet of the healthcare sector.
At the heart of Verifiable’s operations is an API-driven platform that seamlessly connects to a plethora of primary sources. The aim is to automate workflows and unite disparate processes in order to expedite healthcare credentialing. Through real-time access to crucial data like job histories, certifications, and competency statements, Verifiable combats the currently lengthy wait times and associated financial losses incurred by healthcare providers.
With this fresh capital at their disposal, Verifiable has set out ambitious plans. The HealthTech firm intends to enhance its integrations, extend its provider network, and widen the scope of verifications across new healthcare applications. This strategic allocation of funds is intended to not only streamline operations but also deliver tangible improvements in healthcare provision.
In addition to automating the credentialing process, Verifiable’s business model has expanded to include network management products, catering to large enterprise customers. The company’s offering also includes the first credentialing service for the Salesforce Inc. platform, certified by the National Committee for Quality Assurance. Verifiable prides itself on being the fastest-growing partner on the Salesforce AppExchange, a testament to its dedication to innovative solutions.
“Verifiable has meticulously measured and analysed every minute spent on the process, identifying opportunities for automation and reducing credentialing timelines,” Verifiable’s chief executive Nick Macario explained. He further added, “Our internal Credentials Verification Organisation team has achieved remarkable efficiency gains of over 150% in the past two years.”
This funding round follows on from an earlier investment in Verifiable, bringing the total funding amassed by the company to $47m.
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