Funding led by Oak HC/FT will advance mission to provide health plans transparency and flexibility
GLENDALE, Ca. – December 7, 2021 – Reveleer, a leading cloud-based platform empowering data-driven healthcare, today announced that it has secured $65 million in funding led by Oak HC/FT. Oak HC/FT is joining previous investors including Upfront Ventures and Boston Millennia Partners. The funding will enable Reveleer to expand its platform capabilities and further its mission to help health plans obtain an accurate picture of their covered members’ health and improve the quality and accuracy of data-driven programs.
Reveleer helps prevent incomplete, untimely, or erroneous data by providing health plans with a powerful self-service platform to gather, extract and analyze member and provider data. By bringing complex Risk Adjustment and Quality Improvement programs in-house, healthcare insurers gain total control over processes that have been traditionally managed by their vendors. This flexibility results in increased data transparency, productivity, and agility; all while delivering decreased costs and better outcomes for their health plan partners.
“Payers are facing mounting pressure as they navigate complex regulation and reimbursement models in the shift to value-based care. We are excited to partner with Oak HC/FT and deploy this new capital on organic and inorganic growth initiatives to provide health plans with a comprehensive in-house solution, all under one platform,” said Jay Ackerman, CEO of Reveleer.
To date, the Reveleer platform has supported some of the nation’s largest health plans in their efforts to automate complex processes related to Risk Adjustment and Quality Improvement programs, and to bring the management of those programs in-house. Within one year of onboarding the platform, Reveleer’s leading technology enabled a national healthcare insurer to manage their data acquisition and review process all in-house, leveraging Reveleer’s platform to manage multiple integrated technologies, and currently expanding usage across multiple use cases.
“At Oak HC/FT, we’re always seeking to partner with companies that are addressing the leading challenges in healthcare, and there’s an urgent need for automation to reduce inefficiencies and unnecessary costs,” said Andrew Adams, Co-Founder and Managing Partner at Oak HC/FT. “We’re looking forward to supporting Reveleer as it continues to expand its capabilities and reach as the industry increasingly shifts to value-based care.”
Through M&A, strategic partnerships, and further development of Reveleer’s proprietary technology, the Company will look to enhance its platform through more efficient data retrieval methods, insight analytics, and submission capabilities.
“Since backing Reveleer from the Series A, it's been incredible to watch the team scale rapidly and become a leading platform to large, national payers,” said Kevin Zhang, Partner at Upfront Ventures. “We are excited to continue supporting the team as they seek to accelerate growth both organically and through acquisitions.”
About Reveleer
Reveleer is a healthcare software and services company that uses Machine Learning and Intelligent Automation technology to empower payers in all lines of business to take control over their Quality Improvement and Risk Adjustment programs. The Reveleer platform enables payers to independently execute and manage every aspect of provider outreach, retrieval, coding, abstraction, and reporting – all under one platform. Leveraging proprietary technology, robust data sets, and subject matter expertise, Reveleer also assists payers with full record retrieval and review services to support financial performance and improved member outcomes.
About Oak HC/FT
Oak HC/FT is a venture and growth equity firm investing in companies driving transformation in healthcare and fintech, two uniquely complementary and high-growth sectors. With deep domain expertise and strategic resources, Oak HC/FT partners with leading entrepreneurs at every stage, from seed to growth, to build businesses that make a measurable, lasting impact on these industries. Founded in 2014, the firm has $3.3 billion in assets under management and is headquartered in Greenwich, CT, with investors in San Francisco and Boston. Follow Oak HC/FT on Twitter and LinkedIn and learn more at oakhcft.com.
About Upfront Ventures
Upfront Ventures is proud to be an early investor and long-term partner to the most exciting founders and startups. Founded in 1996 in Los Angeles with investing professionals based in LA, San Francisco, and Paris, Upfront has backed standout teams across all technology sectors, including Ring (acq. by Amazon), TrueCar (NASDAQ: TRUE), Bird (NASDAQ: BRDS), Maker Studios (acq by Disney), thredUP (NASDAQ: TDUP), GOAT, Apeel Sciences, Invoca and Kyriba (acq by Bridgepoint). We invest about half of our capital in the fast-growing Southern California ecosystem, with the balance across the country as well as investments in Europe. Learn what we’re about at upfront.com.
About Boston Millennia Partners
Boston Millennia Partners provides private equity financing to high growth companies in the healthcare industry. Our team brings over one hundred years of combined private equity experience to the investment process. Our expertise in finance; operations; engineering; business development; executive recruiting; and law provides significant value to the companies in which we invest. Since the early 1980’s, members of our team have managed eight venture capital partnerships with very successful results for our investors and our entrepreneurs. The BMP investment team has been active investors in seven early stage companies which achieved billion or multi-billion exit values including: PAREXEL International, Inc. (NASDAQ:PRXL), Ilex Oncology, Inc.(NASDAQ:ILXO/GENZ), Verio, Inc., (NASDAQ: VRIO) and Bright Horizons, Inc. (NASDAQ: BFAM).
