Madison AI company secures $45 million in funding

Veda, an artificial intelligence (AI) and machine learning platform for health care payers and providers, announced the close of $45 million in Series B funding led by Oak HC/FT of Greenwich, Connecticut. Madison-based Veda will use the funding to grow its administrative process automation business with health insurance companies. Veda plans to scale immediately to address imminent regulatory requirements of the No Surprises Act, a bipartisan law restricting excessive out-of-pocket costs to consumers from surprise billing and balance billing. Starting Jan. 1, 2022, the law will require that all provider directory updates be processed in under 48 hours.