- Companies
- Reveleer
Reveleer Funding, Investors & Competitors
Reveleer has raised $144M across 9 funding rounds, most recently a $14M Series A in February 2023.
Last Reveleer funding round
$14M
Series A · Feb 2023
Cumulative funding Reveleer raised
$144M
across 9 funding rounds
Key investors in Reveleer
Upfront Ventures
Redhills Ventures
Boston Millennia Partners
Oak HC/FT
About Reveleer
Reveleer is an Austin-headquartered healthcare technology provider that delivers an end-to-end platform for risk adjustment, quality improvement, and value-based care across Medicare Advantage, Medicaid, and commercial lines. Its Aura platform automates medical record retrieval, coding, abstraction, and reporting, integrating with electronic health records from Epic and Cerner. The company serves over 40 health plans including Humana and UnitedHealthcare, processing millions of charts annually to enhance accuracy in Hierarchical Condition Category coding. Reveleer supports compliance with CMS regulations like HCC Version 28 and operates nationwide with a focus on payer-provider collaboration.
Founded
2009
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Reveleer Funding History
Reveleer has raised a total of $144M across 9 funding rounds.
Reveleer's first fundraising round was a $3M Series A in January 2013. The most recent completed round was a $14M Series A in February 2023.
Reveleer funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2023 | Series A | - | $14M | Reveleer is an AI-enabled healthcare data and analytics platform serving payers and providers with solutions for risk adjustment, quality improvement, and member management in value-based care. The company reported revenue of $50 million in 2023, which doubled to $100 million in 2024, with year-end ARR of $105–110 million as of the 2024 announcement. Reveleer has demonstrated strong unit economics with net revenue retention exceeding 120% and an average deal size of $800K+. The 2024 debt facility was structured to support growth without equity dilution, with backing from existing equity investors Oak HC/FT and Upfront Ventures. |
| Apr 2022 | Series D | - | $46M | - |
| Dec 2021 | Undisclosed stage | Oak HC/FT (lead); Boston Millennia Partners; Upfront Ventures | $65M | Reveleer is a cloud-based, AI-powered healthcare technology platform focused on data analytics, risk adjustment, quality improvement, and member management for health plans and risk-bearing providers, enabling value-based care through automation of clinical data processing, care gap closure, and revenue optimization. The company, formerly Health Data Vision, helps payers manage government-sponsored programs like Medicare Advantage by providing end-to-end solutions for data retrieval, review, and analytics to improve outcomes and financial performance. In late 2021, approximately November, Reveleer secured a funding round led by Oak HC/FT, with participation from existing investors Upfront Ventures and Boston Millennia Partners, unlocking significant growth. The capital supported platform expansion, talent upgrades, executive hires, and the first acquisition (Dynamic Healthcare Systems) in March 2022, shifting the company to offensive growth mode. At the time of the Oak HC/FT investment, Reveleer had $25 million in revenue, which doubled to $50 million within one year amid scaling operations. The funding validated Reveleer's technology addressing regulatory complexities in value-based care, with plans for product development, partnerships, and over 158 potential acquisitions in interoperability, NLP, and analytics. Post-round, Reveleer pursued inorganic growth, acquiring Dynamic Healthcare Systems in 2022 for integrated workflow enhancements and MDPortals in 2023 for prospective risk adjustment. In 2024, it raised a separate $65 million debt facility from Hercules Capital, achieving EBITDA positivity and strong cash generation without equity dilution, backed by the same investors including Oak HC/FT. |
| Nov 2019 | Series C | Boston Millennia Partners (lead); Upfront Ventures (lead) | $6M | Reveleer is a healthcare software and services company that provides cloud-based platforms and services to health insurance companies and managed care organizations. The company specializes in risk adjustment, quality improvement, and member management, enabling payers to accurately understand and manage their covered populations' health status and improve outcomes. In October 2019, Reveleer closed a Series C growth equity financing round led by Boston Millennia Partners with participation from existing investor Upfront Ventures. The round totaled $5.5 million. The company demonstrated strong momentum, having achieved dramatic revenue growth from 2017 to 2018 and continuing that trajectory through 2019, with more than $10 million in revenue by 2019. Additionally, Reveleer signed a pivotal four-year enterprise software contract with a leading U.S. health insurer in July 2019. Reveleer's platform includes multiple integrated capabilities including provider outreach with advanced telephony, secure medical record retrieval, automated document intake and quality assurance, medical record review with coding and abstraction services, analytics, and robust reporting. The company was positioned to benefit from expanding value-based care contracts and growing Medicare Advantage populations. Management expected the company to achieve profitability in 2020, reflecting its capital-efficient business model and strong market positioning. |
| Oct 2018 | Series B | Upfront Ventures (lead) | $3M | - |
| Nov 2016 | Series A | Upfront Ventures (lead); Redhills Ventures | $3M | - |
| Jun 2016 | Series A | Upfront Ventures (lead); Redhills Ventures | $3M | - |
| May 2014 | Series A | Upfront Ventures (lead); Redhills Ventures | $1M | - |
| Jan 2013 | Series A | Upfront Ventures (lead); Redhills Ventures | $3M | - |
Who has invested in Reveleer?
4 investors have backed Reveleer across its funding rounds, including Upfront Ventures, Redhills Ventures, Boston Millennia Partners and Oak HC/FT.
Lead investors include Oak HC/FT, Boston Millennia Partners and Upfront Ventures.
Reveleer Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 7 | Lead | Jan 2013 | ||
| 4 | Participant | Jan 2013 | ||
This data is available for Pro users. Sign up to see all 4 Reveleer investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Reveleer
Reveleer has acquired 4 companies to date.
Last acquisition by Reveleer was on April 22nd 2025. Reveleer acquired Novillus for undisclosed valuation.
Latest Acquisitions by Reveleer
| Description | Novillus is a Boston-based healthcare analytics provider focusing on care gap closure and population health management. The platform aggregates claims and EMR data for risk stratification and outreach prioritization in Medicare Advantage plans. Launched in 2015, Novillus partners with 20-plus health plans processing billions in reimbursements. | Curation Health is a healthcare technology company offering a clinical data platform that automates risk adjustment coding and quality reporting for providers and payers. The platform extracts hierarchical condition category codes from electronic health records including Epic and Cerner systems, delivering real-time insights to support Medicare Advantage revenue optimization. Headquartered in Nashville, Tennessee, Curation Health serves over 100 health systems and physician groups across the United States. Founded in 2020, the company partners with organizations like Vanderbilt University Medical Center to enhance HCC documentation accuracy and compliance. | MDPortals is a health data platform aggregating patient intelligence from sources across the care continuum into composite risk-adjusted health records. San Francisco-based, it synthesizes electronic health records, claims data, and clinical notes for providers and payers. The system supports population health management and care coordination in the United States healthcare market. | Dynamic Healthcare Systems is a software provider of enterprise platforms for Medicare Advantage and ACA Exchange health plans. Headquartered in California, their solutions handle enrollment, claims adjudication, provider networks, and compliance reporting for over 20 million lives, integrating with core systems like FACETS and QNXT. |
| HQ Country | ||||
| HQ City | Portland, OR | Annapolis, MD | New York City, NY | Los Angeles, CA |
| Deal Date | 22 Apr 2025 | 8 Oct 2024 | 16 May 2023 | 10 May 2022 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Reveleer acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Reveleer Competitors
Reveleer competitors include listed companies like Waystar, Craneware, CareCloud and IQVIA, and private ones like Cohere Health and Pearl Health.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.1B | $390M | $5.1B | 5.2x | ||
| Private | - | - | $750M | - | ||
| Private | - | - | $733M | - | ||
| Publicly listed | $206M | $59M | $589M | 2.7x | ||
| Publicly listed | $120M | $28M | $95M | 1.1x | ||
| Publicly listed | $16B | $3.4B | $44B | 3.4x |
Reveleer Public Comps
Reveleer is still privately-owned, but its public comps include IQVIA, Veeva, IDEXX Laboratories, Roper Technologies, GE HealthCare, Tenet Healthcare, ICON plc, Pro Medicus, United Imaging and Glaukos.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $16B | $3.4B | 3.6x | 3.4x | 17.2x | 14.8x | |||
| $3.2B | $965M | 11.1x | 10.2x | 36.9x | 22.4x | |||
| $4.3B | $1.5B | 9.5x | 8.9x | 27.1x | 24.9x | |||
| $7.9B | $3.2B | 6.1x | 5.7x | 15.2x | 14.6x | |||
| $21B | $3.7B | 1.8x | 1.8x | 10.1x | 10.0x | |||
| $21B | $4.5B | 1.7x | 1.6x | 8.1x | 7.5x | |||
| $8.3B | $816M | 1.9x | 1.9x | 19.2x | 11.3x | |||
| $186M | $147M | 66.6x | 62.7x | 84.4x | 77.6x | |||
This data is available for Pro users. Sign up to see all Reveleer competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Reveleer
| When was Reveleer founded? | Reveleer was founded in 2009. |
| Where is Reveleer headquartered? | Reveleer is headquartered in Los Angeles, CA, United States. |
| Is Reveleer publicly listed? | No, Reveleer is a private, VC-backed company. |
| How much funding has Reveleer raised? | Reveleer has raised $144M across 9 funding rounds. |
| What was Reveleer's last funding round? | Reveleer's last funding round was a $14M Series A in February 2023. |
| Who are Reveleer's investors? | Reveleer's investors include Upfront Ventures, Redhills Ventures, Boston Millennia Partners and Oak HC/FT. |
| Which companies are comparable to Reveleer? | Companies comparable to Reveleer include Waystar, Cohere Health, Pearl Health, Craneware, CareCloud and IQVIA. |
| How many companies has Reveleer acquired? | Reveleer has acquired 4 companies, including Novillus, Curation Health, MDPortals and Dynamic Healthcare Systems. |
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