Cedar, a NYC-based patient financial management platform for hospitals, health systems and independent medical groups, raised $36m in Series B funding.
The round was led by Kinnevik with participation from existing investors Founders Fund and Thrive Capital, as well as Lakestar, Sound Ventures, Kevin Systrom of Instagram and Nat Turner of Flatiron Health.
The company will use the funds to further invest in its platform as well as build out its existing team.
Led by Florian Otto, co-founder and CEO, Cedar provides a machine learning and data science platform which features an engaging patient interface and an enterprise-level customer relationship management (CRM) system for healthcare organizations to manage patient engagement, view previous billing interactions, monitor financial activity and track key metrics such as collection rate, cost-to-collect and time-to-collect in real time.
Cedar’s client base includes Montefiore Medical Center, U.S. Anesthesia Partners and Westmed Medical Group, among a number of other healthcare organizations across the country.