CVS Health Ventures led a $35 million Series C funding round for Duluth, Ga.-based Codoxo, a company focused on generative AI-powered payment integrity, according to a Dec. 17 press release.
Echo Health Ventures joined the round as a new investor, alongside continued backing from Sands Capital, 111 West Capital, Brewer Lane Ventures, Wipro Ventures, 450 Ventures and QED Investors. The funding brings Codoxo’s total raised to more than $75 million.
Codoxo said the investment will accelerate deployment of its Point Zero Payment Integrity platform, which uses generative AI to detect and prevent payment errors. The platform is aimed at improving payment accuracy and reducing administrative friction between payers and providers.
“Codoxo’s Point Zero approach and proven track record at national health plans position them uniquely to improve how payers ensure payment accuracy at scale,” said Justin Brock, partner at CVS Health Ventures. “We’re excited to support their mission to enhance payment integrity programs across the entire industry.”
The company’s technology currently supports more than 80 million covered lives.
