Healthcare

Anterior Raises $20M Series A to Change How Health Insurance Approvals Are Processed

By Business OutstandersPUBLISHED: June 10, 13:10
Anterior

Anterior, an AI and health insurance company designed to accelerate approvals for healthcare procedures, has closed its Series A with $20 million, taking the company to a $95 million post-money valuation. This round of funding was spearheaded by NEA, with assistance from Sequoia and Neo as the previous investors. Other angels included Mustafa Suleyman of DeepMind and recently appointed to head Microsoft’s consumer AI subsidiary, Inflection AI.

Anterior, initially known as Co:, led by Abdel Mahmoud, who switched from being a doctor to an active online technology pioneer. The daily struggles with administrative work in healthcare made Mahmoud come up with Anterior’s LLM-powered co-pilot that would help nurses or doctors to collect documentation that insurance companies are likely to need. This solution is designed to reduce the denial rate and increase the patients’ timeliness of care.

Currently, the company is specifically targeting prior authorization for medical treatments and procedures since the solution will expand to other medical administrative tasks in the future.

Mohamad Makhzoumi of NEA has been appointed to the board of directors of Anterior and is the co-founder of NEA and leads the healthcare practice division of the firm. Makhzoumi has significant experience in investing in the top healthcare startups such as Tempus which is a genomic based testing and data analysis company that is awaiting to go for a $6. 1 billion IPO and Xaira, an AI-driven drug discovery corporate that was founded and was financed with $1 billion.

The new financing marks a major step toward Anterior’s goal of minimizing administrative work within the healthcare industry while bringing more efficiency and faster insurance claim approvals. 

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