With 200 million patients covered, Penelope Health secures €87 million in funding
Penelope Health, a real-time provider and payer policy intelligence platform out of London, today announced €87 million ($100 million) in funding, as well as a partnership with HealthTech infrastructure platform Thoreau – in order to create a shared layer for real-time payments and clinical rules. The funding was provided by Thoreau, along with existing backers […] The post With 200 million…
Penelope Health, a London-based real-time provider and payer policy intelligence platform, has secured €87 million in funding and partnered with Thoreau, a HealthTech infrastructure platform. The investment, led by Thoreau and joined by existing backers Bertelsmann Healthcare Investments, Twine Ventures, and Seedcamp, will be utilized to develop new products aimed at enhancing administrative efficiency in navigating payer requirements.
Dr. Sohum Patel, Penelope Health's CEO, explains that the platform aims to simplify the complex and constantly changing rules that determine insurance coverage for healthcare providers. Penelope Health's funding comes at a time of continuous European healthcare infrastructure investment and AI tools designed to reduce administrative workloads.
In the past year alone, similar startups have raised a combined €182.5 million, including €86.5 million for Stockholm-based Tandem Health, €37 million for Berlin-based Recare, and €4.2 million for Barcelona-based Health Force. Mattijs De Paepe, Penelope Health's Chief Technology Officer, emphasizes the importance of understanding evolving payer rules and building an infrastructure that empowers AI to improve healthcare efficiency, reducing the administrative burden for both payers and providers.
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