Anterior, an insurtech company leveraging AI to speed up health insurance approvals for medical procedures, has raised $20 mn in Series A funding at a $95 mn valuation.
The funding round led byVC NEA, whilst existing investors Sequoia and Neo also participated. The round also includes a host of angel investors, including Mustafa Suleyman who was recently hired by Microsoft to lead the company’s consumer AI division.
Founded in 2022 as Co:Helm, Anterior uses its AI clinical assistant, Florence (Nightingale), to aid healthcare administration. Abdel Mahmoud, a former clinician frustrated by the administrative burden in medicine, established the company.
Anterior’s AI-powered assistant simplifies the collection of medical documentation, aiming to lower denial rates and speed up patient care access. The company plans to expand into additional medical functions.
We have built the platform that brings the potential of generative AI to healthcare operations. At the core of our platform is, an AI-powered clinical co-pilot designed for every administrative workflow a clinician needs to perform.
Anterior’s software is made by clinicians, for clinicians, ensuring that it meets the real-world needs of healthcare professionals.
Mohamad Makhzoumi, co-CEO of NEA, will join Anterior’s Board of Directors.
Efficient healthcare administration is crucial. Anterior’s technology can streamline processes, reduce costs, and impact the insurance industry.
Our proprietary technology will reduce the administrative burden health insurers in the U.S. face, ultimately saving the country billions and enabling doctors and nurses to work at the top of their licence
Abdel Mahmoud, CEO of Anterior
“With half of our team being doctors or nurses, we deeply understand the problem we’re solving. We’re thrilled to join forces with NEA and have the continued support of our existing partners as we continue to put our technology to use for healthcare payers and the long-term benefit of patients across the U.S.”, Abdel Mahmoud commented.
Mohamad Makhzoumi, managing general partner on NEA’s healthcare team and co-CEO of the firm, joined Anterior’s board.
Makhzoumi’s investments include Tempus, a genomic testing and data analysis company founded by Groupon founder Eric Lefkofsky, which is planning to IPO next week at a valuation of up to $6.1 billion.
Makhzoumi also backed Xaira, an AI drug discovery startup that launched this year with $1 bn in funding.
The company plans to use the funding to accelerate its hiring strategies and to keep refining its product.
Anterior’s platform is designed by clinicians for clinicians, ensuring it meets the real-world needs of healthcare professionals.
The company emphasizes the security of its platform, which is HIPAA compliant and HITRUST certified.
Anterior competes with Cohere Health, another provider of prior authorization automation, which raised a $50 mn round in February led by Deerfield Management, with participation from Define Ventures, Flare Capital Partners, Longitude Capital and Polaris Partners, bringing the five-year-old company’s total funding to $106 mn.
