# Medallion

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

- Industry: Healthcare IT
- Headquarters: San Francisco, US
- Website: www.medallion.co
- Total disclosed funding: $82M
- Latest round: Series C (Jun 22, 2022)
- Investors on record: 8

## About

Based in California, US, and founded in 2020, FirstLayerAI, Inc. doing business as Medallion, operates as a healthcare technology company that develops an online platform that offers solutions such as CVO credentialing, ongoing monitoring, payer enrollment, and state licensing. The company was Co-founded by its CEO Derek Lo. In August 2025, Medallion raised USD 43 million in venture funding led by new investor Acrew Capital, with participation from other new investor Washington Harbour Partners. Returning investors GV, Optum Ventures, NFDG Ventures, Spark Capital, along with individuals and other unspecified investors also participated in the round. The firm offers an online platform that provides solutions such as CVO credentialing, ongoing monitoring, payer enrollment, and state licensing and helps clients to evolve their operations and provide better care to their patients. The solutions offered by the firm for data management include a core platform, primary source verification, and medallion for salesforce which are used by provider groups, payers, health systems and digital health. These products are used by clients for faster credentialing, enrolling providers and payers, provider network management, etc. The company plans to utilize the August 2025 funding to scale its AI platform, launch a national credentialing clearinghouse, and expand its market reach through partnerships.

## Funding rounds

- Series C, Jun 22, 2022, $35M — Hong Shan, Spark Capital, GV, BoxGroup, Salesforce Ventures, Optum Ventures
- Series B, Nov 3, 2021, $30M — Hong Shan, Spark Capital, Optum Ventures, Roivant Sciences Ltd.
- Series A, Jun 5, 2021, $17M — Spark Capital, BoxGroup, Susa Ventures, Optum Ventures

## Investors

- Spark Capital — Series A, Series B, Series C
- BoxGroup (https://capitalatlas.ai/funds/boxgroup) — Series A, Series C
- Susa Ventures (https://capitalatlas.ai/funds/susa-ventures) — Series A
- Optum Ventures (https://capitalatlas.ai/funds/optum-ventures) — Series A, Series B, Series C
- Hong Shan — Series B, Series C
- Roivant Sciences Ltd. — Series B
- GV (https://capitalatlas.ai/funds/gv) — Series C
- Salesforce Ventures (https://capitalatlas.ai/funds/salesforce-ventures) — Series C