Aver, the US-based developer of a data management platform for healthcare reimbursement, secured $13.6m in a series B round on Tuesday featuring industrial product maker General Electric and media group Hearst.
The corporates took part in the round through subsidiaries GE Ventures and Hearst Health Ventures. Venture capital firm Heritage Group led the series B, which included healthcare services provider Cardinal Health and affiliates of NCT Ventures and StartUp Health.
Aver’s product suite, Aver Cloud, uses data from healthcare systems to form bundled payments and reports, enabling users to transition from fee-for-service health plans to a value-based reimbursement model.
The company will use the series B funding to scale its business, add new features to the platform and grow its market share.
GE Ventures previously led an $8.5m series A round for Aver in 2014 that included VC firm Drive Capital, and which followed $2.5m in angel and seed funding from backers including Startup Health and Wisconsin Investment Partners.
Nick Augustinos, Aver’s president and chief executive, said: “We are at the right time with the right solutions and, with strong support from our investors, to continue our growth in 2016 and beyond.”