A healthcare artificial intelligence company announced Tuesday it has reached a $7 billion valuation following a successful $70 million funding round, with General Catalyst leading the investment.
Commure, based in California, develops AI technology that handles administrative tasks throughout healthcare systems without requiring human supervision. The funding round also included investments from Sequoia Capital, Morgan Stanley and Kirkland & Ellis.
The type of AI technology Commure uses, known as agentic AI, can make independent decisions and take action rather than simply responding to user commands. This autonomous capability has made it highly attractive to venture capital investors who are backing companies using the technology to make business operations more efficient.
According to the company, its revenue cycle management system currently handles more than 85% of tasks without any human involvement. The platform is currently operating within over 500 healthcare organizations across 3,000 different locations.
The revenue cycle management process involves handling patient billing and tracking payments within healthcare facilities.
Company officials stated the new investment will be used to expand their revenue cycle and practice management systems, while also growing their AI technology infrastructure into healthcare markets worldwide.
