In the innovative city of San Francisco, a medical fintech startup named PayZen has just completed a $232 million Series B funding round aimed at expanding its AI-driven medical payment platform. Since its inception, this startup has been dedicated to eliminating financial barriers in healthcare by creating personalized payment plans for patients through its AI platform, while also improving the financial outcomes of the healthcare system.
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NEA led this round of funding, with existing investors 7wireVentures, SignalFire, and Viola Ventures also participating. This funding round includes $32 million in equity financing and a $200 million credit facility provided by Viola Credit and several insurance companies.
PayZen plans to use the funds to bring its affordable, customizable healthcare payment options to more Americans and to introduce new AI-driven solutions to meet patients' affordability needs. Company co-founder and CEO Itzik Cohen said: "This round of funding is the next step in our journey to eliminate financial barriers to patient care. We are honored to find partners with the same vision among our investors and our network of healthcare systems."
PayZen's platform utilizes proprietary AI and machine learning models integrated into electronic medical record systems to streamline the patient payment process for healthcare systems. The company's AI platform analyzes various data points to create tailor-made payment plans, alleviating financial burdens on patients while improving collections for healthcare providers.
PayZen has reported significant growth, including a sixfold increase annually over the past two years, a 100% customer retention rate, and a net customer retention rate of 132%. Cohen stated: "This milestone marks a highly competitive and oversubscribed round, allowing us to continue refining our platform and permanently bridging the gap in healthcare finances."
Key Points:
💼 **$232 Million Funding**: PayZen has completed a $232 million Series B funding round to expand its AI healthcare payment platform.
📊 **Personalized Payment Plans**: Utilizing AI and machine learning models, PayZen creates personalized payment plans for patients, reducing financial burdens.
📈 **Significant Growth**: Over the past two years, PayZen has achieved a sixfold annual growth rate, with a 100% customer retention rate.