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San Francisco-based Luminai, which offers an AI-powered enterprise automation platform, raised $38 million in Series B funding, bringing its total raise to $60 million.
Peak XV Partners led the round, with participation from new investor Define Ventures and existing investors General Catalyst and Y Combinator.
WHAT IT DOES
The company offers an AI platform aimed at easing operations within health systems, including moving data between disconnected systems, easing revenue cycle and billing workflows, assisting with prior authorizations and insurance paperwork, and processing claims, forms and eligibility checks.
Luminai will use the funds to accelerate its growth by expanding its product capabilities, growing its engineering and deployment workforce, and supporting its current customer base.
"Healthcare's administrative functions operate as a massive, manual coordination layer. Encoding that work into software has historically been difficult because workflows span systems and point solutions, depend on unstructured inputs, and require embedded business and clinical context at every step," Kesava Kirupa Dinakaran, founder and CEO of Luminai, said in a statement.
"Recent advances in AI have made it possible to handle that complexity directly – not just automate isolated tasks, but execute full workflows reliably.
MARKET SNAPSHOT
In 2022, Luminai, formerly DigitalBrain, secured $16 million in Series A funding, following a $3.4 million seed round.
Other companies offering workflow automation tools include San Francisco-based health data analytics company Innovaccer, which scored $275 million in a Series F funding round that included a combination of primary and secondary funding.
Innovaccer scored two large funding rounds in 2021, including a $105 million Series D that propelled it to a $1.3 billion valuation and a $150 million Series E that bumped it to $3.2 billion.
Notable offers intelligent AI agents for inbound, outbound and referral workflows. The company secured $100 million in Series B funding in 2021, three years after announcing its $13.5 million Series A round.
