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San Francisco-based healthcare technology company Foundation Health closed a $20 million Series A funding round.
Define Ventures led the round, with participation from Vanderbilt University, Intermountain Ventures and existing investors.
The round brings the company's total raise to $26 million since its inception in 2023.
WHAT IT DOES
Foundation Health's PAIGE AI platform aims to help with pharmacy and care operations, automating patient communications and prior authorization workflows. It also manages refill processing, adherence outreach, benefits verification, medication onboarding and prior authorization.
The company will use the funds to scale its sales and operations teams and increase the development of its pharmacy suite.
"We built Foundation to be a modern infrastructure layer that helps care organizations, from large health systems to innovative D2C brands, deliver high-quality care with less friction," Umar Afridi, founder and CEO of Foundation Health, said in a statement.
"This funding enables us to scale rapidly and serve a broader range of partners."
MARKET SNAPSHOT
In July, Foundation's PAIGE AI platform was utilized to automate patient outreach and communication workflows in a six-month program at Intermountain Health's specialty pharmacy operations.
The aim was to allow Intermountain's pharmacy team, which serves more than 14,000 patients in Midvale, Utah, to concentrate on patient care and therapeutic guidance.
The companies stated they will explore new AI use cases in the future, such as voice-enabled tools and AI-enabled prior authorization automation, across Intermountain's broader healthcare operations.
In 2024, Foundation Health announced the closure of a $6 million seed funding round.
The company used the funds to provide healthcare companies with offerings that can be deployed quickly, often within days, at scale.
