Verato, Inc., a leading provider of cloud-based identity matching and Master Patient Index (MPI) solutions, announced today that the company has raised $12.5 million in Series B financing and signed on five new healthcare organizations as customers, tripling its annual recurring revenue.
The financing was led jointly by Bessemer Venture Partners and Columbia Capital to support continued growth and to accelerate technology development. The five healthcare organizations include a multi-billion dollar national payer organization, three Health Information Exchanges (HIE), and a multi-billion dollar health enterprise with over 20 hospitals and a three-million-member health insurance division. These customers will use Verato's cloud-based identity matching solution to better identify and unify patient records across different health systems, in situations where existing MPI technologies have under-performed.
This funding and customer sales cap a dramatic growth year for Verato.
"The financing and growth is indicative of an increased demand for faster and more effective identity solutions, particularly in the healthcare market," said Mark LaRow, CEO of Verato. "But, regardless whether you are a healthcare organization, a retailer or hospitality company, or in the public sector, there is an explosion of person data residing in different systems inside and outside of your four walls that needs to be consolidated for analytics, optimizing CRM and customer experiences, and improving operational processes. The deeper investment by Bessemer and Columbia is testament to their belief in our ability to capture this large and growing market."
About Verato
Verato offers a cloud-based matching platform that links and matches identities across disparate databases or organizations with the highest accuracy rates in the industry. Verato leverages an extensive self-learning database of US identities as a reference, or universal "answer key". Verato links identity information 15 times better than existing technologies. And because it is cloud-based, the Verato platform is less expensive, faster to implement, and more scalable than traditional matching technology. Verato is based in McLean, VA. For more information, visit www.verato.com.
