Charta Health Secures $55 Million in Series B Funding
Charta Health, a San Francisco-based medical chart review platform leveraging artificial intelligence, has secured $55 million in a Series B funding round. The digital health platform has raised $85 million in capital since its inception in 2023. Its previous fundraising, a Series A round, brought in $22 million last summer.
The latest funding round coincides with the launch of "Charta for Payers", expanding its AI tools for health plans and insurers. A portion of the fresh capital will be allocated to grow this new service line and enhance existing tools, while also introducing "Charta for Providers" into new specialties, including mental health.
As stated by Justin Liu, Charta Health's CEO, in a LinkedIn post:
"Payers and providers are each buying AI to compete over denials and appeals. We’re building something different: one accurate read of every chart that both sides can trust... We don’t need this outdated system anymore. Large language models can read and understand medical records at scale, reducing the need for the cycle of denials and appeals that’s draining resources from patient care."
The successful completion of its Series B round comes on the heels of Charta experiencing over 10 times revenue growth in the past year.
In addition to expanding into new specialty areas and scaling its initial payer solution, the Charta team plans to use the capital for accelerated AI research and development. Liu also mentioned the company's intention to fill open positions across various departments as it grows.
Charta Health's Series B round was led by Insight Partners, with support from Bain Capital Ventures, who also backed its Series A and seed rounds, along with other investors.