Nexidia, a speech analysis and search company formerly known as Fast-Talk Communications, has raised more than $23m from a consortium including a health insurance association.
BlueCross BlueShield Venture Partners, a $116m corporate venturing fund sponsored by the Blue Cross and Blue Shield Association managed by venture capital and incubation firm Sandbox Industries, invested in Nexidia as a new investor. One of Nexidia’s key vertical markets within contact centers is health insurers. Paul Brown, managing director of BlueCross BlueShield Venture Partners, said: "We focus on innovative technologies that allow Blue Plans to provide better services to their members, at lower prices.
"Nexidia provides analytics that help health plans address customer calls more effectively. This results in better customer service and improved operations. Several Blue Plans are satisfied Nexidia customers that have already experienced these improvements." It was joined in the round by private equity investors HarbourVest Partners, HIG Ventures, Paladin Capital Group, Boston Millennia Partners and Cordova Ventures and investment bank Morgan Stanley.
Previously Nexidia raised $13m from Morgan Stanley in August 2006 in its series E round and had at that time raised about $30m in total, according to news provider VentureWire.
However, its other disclosed investors from earlier rounds, including SAIC Venture Capital, the corporate venturing unit of Science Applications International Corporation, were not mentioned as being part of the latest round.