Healthtech startup Confido Health raises $12.5 million in funding led by Z47

Healthtech startup Confido Health has secured $12.5 million in funding to expand its AI-driven solutions for healthcare providers. The round of investment, led by venture capital firm Z47, brings the company's total funding to $22.5 million. Confido Health's platform, CareOS, utilizes artificial intelligence to automate various administrative tasks such as patient calls, appointment scheduling, insurance verification, prescription refills, and payment follow-ups.

The startup, founded in 2022 by Chetan Reddy and Vichar Shroff, has expanded its capabilities since its early stages, now managing administrative processes across multiple healthcare systems through over 50 integrations, including electronic health records, practice management, telephony, and billing platforms. Notably, Confido Health's AI agents have achieved over a 95% handling rate in critical end-to-end office use cases.

Confido Health currently serves 3,200 healthcare providers across more than 1,500 locations in 27 US states, with revenue growing 15-fold since its last funding round. The company's strategy involves partnering with private equity investors and subsequently extending its services to their portfolio companies.

Justin Saks, a healthcare private equity veteran, has joined Confido Health as an investor and board adviser. The latest funding round was also supported by existing investors Together Fund and Blume Ventures.

Healthtech companies are increasingly turning to AI applications for administrative automation due to rising operating costs, staffing shortages, and fragmented software systems in the US healthcare system. Confido Health aims to address these challenges by adding the equivalent of three to five full-time employees' worth of operational capacity to healthcare providers within three months of deployment.