Rialtic, an Atlanta health care data and payment platform, raised $36.7 million in its latest fundraising round.
The company's total goal is $50 million, according to an Aug. 4 filing with the U.S. Securities and Exchange Commission.
The company, founded by CEO Doug Williams in 2020, developed a cloud-based enterprise platform to help health care payers and providers manage operate more efficiently. Williams could not be reached for comment on this fundraising.
Rialtic’s initial focus is on payment accuracy, but it aspires to also work on other areas of health care processes, such as prior authorizations and pricing, according to a 2021 interview with Williams posted on its website.
Rialtic has 68 employees, according to capital markets data firm PitchBook. The Rialtic website currently lists four job openings, three of which are for engineers.
Rialtic is raising money at a time when investor interest in enterprise financial technology appears to be waning after the peaks seen in 2021, according to a PitchBook report by senior analyst Rudy Yang published this week. Median deal value for early-stage enterprise fintech companies fell to $6.7 million, down 6.7% from 2022.
But, funding for health care IT companies has "bounced back" in the beginning of 2023 "after hitting rock bottom" the previous quarter, according to a health care IT report by PitchBook senior analyst Rebecca Singer. There were 8 health care IT deals in the revenue cycle sector specifically during the first quarter.
Rialtic initially raised $16.2 million in 2020 followed by $28 million in 2022, according to SEC filings.
The 2022 Series A round was led by F-Prime Capital with participation from Oak HC/FT, Health Velocity Capital, and Atlanta-based Noro-Moseley Partners, according to PitchBook.
Williams has more than two decades of experience in health technology, according to his LinkedIn profile. He founded iHealth Technologies in 2001, which merged with Connolly in 2014 to create Cotiviti, which sold to Veritas and went public in 2018.
Williams is also the founder and CEO of Melioric, a private investment company, and board chair of Quartet Health, according to his LinkedIn profile.
Correction: This article has been updated to correct the spellings of PitchBook analysts Rudy Yang and Rebecca Singer.
