Charta Health, a San Francisco-based medical chart review platform that uses artificial intelligence, secured $55 million from a Series B round.
The digital health platform has raised $85 million in capital since the company’s inception in 2023. Its last fundraise took place last summer, bringing in $22 million for Charta’s Series A round.
The company’s latest capital endeavor is concurrent with its launch of “Charta for Payers,” which expands its AI tools for health plans and insurers. Part of the $55 million in fresh capital will be used to grow this new service line and also strengthen the existing capabilities of its legacy tools and grow “Charta for Providers” into new specialties, including mental health.
“Payers and providers are each buying AI to fight each other over denials and appeals,” Justin Liu, Charta Health’s CEO, said in a LinkedIn post. “We’re building something different: one accurate read of every chart that both sides can trust… We don’t need this outdated system anymore.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 completion of its Series B round comes as Charta has seen revenue grow by more than 10 times in the last year alone.
Along with expanding platform capabilities into new specialty areas and scaling its inaugural payer solution, the Charta team will also use the capital to accelerate AI research and development. Liu noted that the company also plans to hire open roles across several departments as it scales, too.
Charta Health’s $55 million Series B round was led by Insight Partners, with support from Bain Capital Ventures — the firm that previously backed its Series A and seed rounds — along with other investors.
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