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Anterior grabs $20 million from NEA to accelerate approval of AI-powered health insurance

Front, a company that uses artificial intelligence to speed up health insurance approvals for medical procedures, has raised a $20 million Series A round at a $95 million valuation led by NEA, according to two people familiar with the deal. Existing investors Sequoia, which led Anterior’s A seed round of $3.2 million last Septemberand Notaccelerator that helped launch the company in the summer of 2022, also participated in the Series A financing.

The round also included a slew of angel investors, including Mustafa Suleyman, the co-founder of DeepMind and Inflection AI that Microsoft hired in March to lead the tech giant’s consumer AI division.

NEA and Anterior did not immediately respond to a request for comment.

Anterior, formerly known as Co:helm, was co-founded by Abdel Mahmoud, a former doctor who left medicine to pursue a master’s degree in computer science and a career in technology after becoming frustrated with the amount of time he spent on administrative functions rather than patience.

The company has built an LLM-powered co-pilot that helps nurses and doctors save hours collecting medical records required by insurance. Anterior’s solution aims to reduce rejection rates and accelerate patient access to care.

Although Anterior’s initial offering is in the automation phase of prior authorization, the company plans to eventually expand into other medical administrative functions.

Mohamad Makhzoumi, managing partner in NEA’s healthcare team and co-CEO of the firm, has joined Anterior’s board. Makhzoumi’s investments include Tempus, a genomic testing and data analysis company he founded Groupon founder Eric Lefkofskywhich plans to IPO next week at a valuation up to 6.1 billion dollars. Makhzoimi also backed Xaira, an AI drug discovery startup that launched this year with $1 billion in funding.

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Anterior competes with Cohere Health, another prior authorization automation provider, which raised $50 million in February led by Deerfield Managementwith the participation of Define ventures, Flare Capital Partners, Longitude capital and Polaris partnersbringing the five-year-old company’s total funding to $106 million.

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