# CodaMetrix

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/codametrix

- Industry: Healthcare IT
- Headquarters: Boston, US
- Website: www.codametrix.com
- Total disclosed funding: $94M
- Latest round: Series B (Feb 29, 2024)
- Investors on record: 6

## About

Based in Massachusetts, US, and founded in 2019, CodaMetrix, Inc., a.k.a. CodaMetrix is a healthcare IT company that provides an autonomous medical coding platform that leverages artificial intelligence to continuously learn from and act upon the clinical evidence in the electronic health records. In March 2024, CodaMetrix, Inc raised USD 37 million in a Series B led by Transformation Capital, with participation from SignalFire and Frist Cressey Ventures. The series B funding values CodaMetrix, Inc at USD 197.78 million post-money.

The company provides CMX Automate, a software-as-a-service (SaaS) platform that improves clinical coding accuracy and reduces revenue leakage. The platform is built on artificial intelligence technology in the form of machine learning, deep learning, and natural language processing to continuously learn from, and act upon, the clinical evidence stored in electronic health records (EHRs). In addition, the platform classifies codes across radiology, pathology, surgery, gastroenterology, and inpatient professional coding to facilitate healthcare revenue cycle management and medical coding. 

The company plans to utilize the March 2024 funding to expand its AI-powered solutions that enhance medical coding quality, offer comprehensive data sets, reduce healthcare costs, and reduce administrative burden.

## Funding rounds

- Series B, Feb 29, 2024, $37M — Transformation Capital, SignalFire, Frist Cressey Ventures
- Series A, Dec 16, 2022, $57M — Mass General Brigham Ventures, Martin Ventures, SignalFire, Frist Cressey Ventures, CU Healthcare Innovation Fund

## Investors

- Mass General Brigham Ventures (https://capitalatlas.ai/funds/mass-general-brigham-ventures) — Series A
- Martin Ventures (https://capitalatlas.ai/funds/martin-ventures) — Series A
- SignalFire (https://capitalatlas.ai/funds/signalfire) — Series A, Series B
- Frist Cressey Ventures (https://capitalatlas.ai/funds/frist-cressey-ventures) — Series A, Series B
- CU Healthcare Innovation Fund (https://capitalatlas.ai/funds/cu-healthcare-innovation-fund) — Series A
- Transformation Capital (https://capitalatlas.ai/funds/transformation-capital) — Series B