VEDA Data Solutions closed on a $5 million Series A funding round in December.
Cofounded about five years ago by astronomer Dr. Bob Lindner and political entrepreneur Meghan Gaffney Buck, VEDA runs a platform that uses AI and machine learning to increase accuracy of healthcare directories. Gaffney Buck leads the company as CEO and Lindner is VEDA’s CTO.
This major funding round comes after the startup raised $2 million from two seed rounds, bringing its total venture capital raise to $7 million to date. This Series A was led by Empactful Capital, with participation from HealthX Ventures, Sunwater Capital and New Dominion Angels. VEDA reports that it plans to use the fresh funding to expand its AI automation platform.
“I am thrilled to announce that VEDA is beginning 2020 with capital to grow our platform, veteran healthcare leaders to shape our strategy, and a newly granted patent in our portfolio,” said Gaffney Buck in a statement. “We believe that new technologies can help patients connect with providers, while lowering administrative costs that weigh down the U.S. healthcare system.”
In October, the startup also welcomed Bryant Hutson, an experienced health tech pro, as its head of growth. Hutson is specifically interested in “the intersection of healthcare, policy, technology, and data” and is “well-versed in the regulatory, technological, and market forces redefining America’s healthcare landscape,” his Linkedin reads.
VEDA first came on our radar when the company participated in an incubator program hosted by the now-shuttered 1776 Crystal City. Buck also went on to compete in a final Vinetta Project Venture Challenge, where she won the $20,000 top prize in September 2017. Since then, the company has continued to grow, including the launch of VEDA Labs and a fellowship program for AI and machine learning scientific research back in October 2018.
“VEDA’s purpose driven-AI enables health plans to save millions on administrative overhead and invest more in keeping patients healthy,” said Empactful Capital Operating Partner Peter Andruszkiewicz in a statement. “It is the kind of transformative technology I wish was available when I was running a health plan.”
As part of this deal, Andruszkiewicz, Mark Bakken from HealthX Ventures and David Devereaux, a senior advisor to The Margolin Group, will join VEDA’s board of directors.