US-based healthcare payment platform Aver has secured $27m in series C funding from investors including automotive and media conglomerate Cox Enterprises, industrial services provider Heritage Group and media group Hearst.
Hearst participated through corporate venturing subsidiary Hearst Ventures, and the round also featured venture capital firms Drive Capital and NCT Ventures. The company has now raised in excess of $50m altogether.
Aver has created an online medical reimbursement platform covering analytics, network and administrative processes. Its bundled payment scheme helps payers and healthcare providers reduce costs and achieve price transparency, facilitating a more value-oriented care service.
The company will use the series C money to improve its operational efficiency and strengthen its platform in a bid to optimise customer experience.
Heritage Group led Aver’s $13.6m series B round in 2016, investing with industrial conglomerate General Electric’s GE Ventures unit, Hearst vehicle Hearst Health Ventures, healthcare services provider Cardinal Health, NCT Ventures and StartUp Health.
GE Ventures and Drive Capital had also taken part in the company’s $8.5m series A round in 2014, which came in the wake of $2.5m in angel and seed funding from investors including Startup Health and Wisconsin Investment Partners.
