Truveris Adds $10M in Oversubscribed Series B
New York-based Truveris said today it has raised $10 million in funding from New Leaf Venture Partners, Tribeca Venture Partners, New Atlantic Ventures, and First Round Capital. The company, which makes a software-as-service platform for health insurers, previously raised $3.8 million in a Series A round a year ago.
Truveris’ products allow health insurers and large employers to check their pharmacy claims for accuracy. Users can view all the claims they receive in an online report, and use tools to reconcile any improper charges that are caught during the review. The company, which was founded in 2009, has attracted some big-name customers, including Northrop Grumman, Morgan Stanley, and AXA Equitable. And last fall, the startup recruited a new CEO: Bryan Birch, who ran the health maintenance organization (HMO) Touchstone Health and managed employer accounts for pharmacy benefit giant Medco.
Truveris says it will use the new funding to expand its development and operations teams, in the hopes of attracting government entities, unions and other health insurers across the United States.