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Latent, which works to automate medication approval workflows, has secured $80 million in Series A funding.
The round was co-led by Spark Capital and Transformation Capital, with participation from General Catalyst, McKesson Ventures, Y Combinator and Conviction.
WHAT IT DOES
Latent offers clinical AI software that processes EHR data to assist with medication management. The company says its platform sifts through patient data, interprets drug criteria and orchestrates workflows to speed up medication access.
Latent will use the funds to expand its platform, workforce and partnerships with health systems.
"The company has scaled from four to more than 45 health system partners and now serves 50% of the top 20 U.S. health systems, including Yale New Haven Health, Ochsner Health, MetroHealth, UCI, Vanderbilt Health, Mount Sinai Health System, Henry Ford Health System, UCSF Health and UCLA Health," Latent said in a statement.
MARKET SNAPSHOT
Numerous companies in the digital health space focus on increasing access to medications.
Earlier this year, Amazon Pharmacy announced it was expanding access to its same-day medication delivery to nearly 4,500 cities. Amazon is competing against Walmart, Optum Home Delivery, Cigna Express Scripts and CVS Caremark in the home drug delivery business.
Interra Health, formed following a merger between DoseSpot and Arrive Health earlier this month, focuses on improving access to medications through providers.
It offers a medication coverage and pricing network alongside electronic prescribing capabilities to advance real-time medication decision-making and price transparency for providers and patients.
Scripta Insights offers pharmacy navigation tools for self-insured employers, health plans and members. Last year, Scripta announced a strategic partnership with RxSaveCard, which offers pharmacy benefit cost-containment and payment options.
The partnership aims to help self-insured employers reduce prescription drug costs by providing members with access to affordable medication options, whether covered by their health plan or via cash-pay alternatives.
