Milwaukee-based startup
Sift Healthcare announced today that it has closed on its $20 million series B funding round.
The news comes a little over a year after the company
completed a $6.75 million Series A funding round.
Founded in 2017, Sift Healthcare has developed technology that uses artificial intelligence to analyze health care payments, to help health care providers determine a patient’s propensity to pay and the optimal bill amount to provide patients based on their ability to pay.
The company’s Series B funding round was led by Los Angeles-based
B Capital with support from existing investors including Carmel, Indiana-based
Allos Ventures, Wheaton, Illinois-based
First Trust Capital Partners and Madison-based
Rock River Capital Partners.
Sift Healthcare said it will use the Series B funding to "prioritize team expansion and technology investments in artificial intelligence."
"As health systems face shrinking margins and growing payment complexities, leveraging AI-based technologies to ease the administrative burden and optimize reimbursement is more important than ever," saidÂ
Justin Nicols, founder and CEO of Sift Healthcare. "With the support of B Capital, Sift is well-positioned to scale our Payments Intelligence Platform in new and existing markets and expand our impact within the revenue cycle, transforming how providers use their data to optimize payment outcomes."
"The use of artificial intelligence and machine learning to improve health care delivery and administration is a major area of focus for us as a firm," said
Dr. Robert Mittendorff, general partner and head of healthcare at B Capital.
"Our investment underscores our confidence in Sift's AI-based platform to reshape revenue cycle processes and drive significant advancements in health care financial operations, and we are excited to support Sift Healthcare in this next phase of growth," said
Nick Whitehead, principal at B Capital.
