Healthcare SaaS Gains $10 Million in Series B Funding

Madaket Health, a cloud-based healthcare SaaS platform solution that simplifies administrative data exchange between payers and providers, secured $10 million in a Series B funding round led by Qiming Venture Partners, with additional investor participation from Experian Ventures, The PNC Financial Services Group, and Salesforce Ventures.

Madaket’s first two offerings—EDI Enrollment and Payer Enrollment/Credentialing—are designed to automate common payer-provider transactions. EDI Enrollment streamlines electronic funds transfer, electronic remittance advice, and electronic data interchange for claims on behalf of providers. To date, Madaket has processed 1.5 million EDI enrollments for customers with 1.3 million providers under contract. Its Payer Enrollment solution automates and simplifies the process of credentialing providers with payers.

Madaket plans to use the funds to extend its platform solution deeper into the payer-provider ecosystem.