Wells Fargo Strategic Capital, financial services firm Wells Fargo’s corporate venture capital vehicle, has led an $18.5m series B round for US-based healthcare data technology provider Cogitativo.
Investment firm Claritas Capital also participated in the round, which came in the wake of a $5m investment by health insurer Health Care Service Corporation’s HCSC Ventures unit in 2017.
Cogitativo develops artificial intelligence and machine learning tools to root out inefficiencies, waste and anomalies in healthcare organisations and payment systems. It has secured almost 50 care providers as customers.
John Ryan, managing director of Wells Fargo Strategic Capital, said: “We are excited to support a company like Cogitativo and their strong team who clearly prioritise improving efficiencies in the healthcare system.
“We look forward to seeing them use this additional capital to build out their long-term strategy and bring advanced analytics and new technology solutions to the industry.”
