Montgomery County health care technology firm Lyric has raised $90.9 million in one of the largest raises in the Philadelphia area this year.
A total of 35 investors participated in the round, according to a Form D that Lyric filed with the U.S. Securities and Exchange Commission.
Last week, Lyric announced it received an investment from professional golfer Rory McIlroy's Symphony Ventures, though it's unclear if the Ireland firm participated in the recently filed $90.9 million round. A company spokesperson said Lyric does not comment on financial filings.
Originally called ClaimsXten Portfolio, the company was acquired by TPG Capital from UnitedHealth Group for $2.2 billion in October 2022. In April, the company underwent a major overhaul, rebranding as Lyric. At the same time, it introduced former Elevance Health Vice President Raj Ronanki as CEO in April, moving ClaimsXten Portfolio CEO Carolyn Wukitch to COO. Wukitch had been the company's CEO since the TPG Capital acquisition.
Lyric's software helps health plans address policy management needs and pay claims, ensuring accuracy and efficiency in the payment process. Lyric, located at 475 Allendale Rd. in King of Prussia, works with many of the nation's largest commercial and government-sponsored health plans, covering more than 185 million people, according to the company.
With the rebranding and leadership changes in place, Lyric is leaning heavily into artificial intelligence. It officially launched its AI-as-a-service platform LyricIQ last week. The model collects and evaluates data to identify claims trends and create predictive models, making data collection and review more efficient.
"The launch of LyriclQ and investment from Symphony speak to our continued commitment to revolutionizing the business of care,” Ronanki said in a release announcing McIlroy's investment. “Rory is a strong believer in the role of technology in improving health care. With the launch of LyricIQ and the support of Symphony Ventures, we become even better positioned to advance our vision to make the complex simple so our partners can focus on the bigger picture – delivering better patient experiences and outcomes."
This isn't the first local company to enlist McIlroy as an investor. The former top-ranked golf player in the world invested an undisclosed amount in Wayne-based Golf Genius in 2020.
In the release, McIlroy said he is "thrilled to back a pioneer like Lyric, a leader striving for enhanced clarity and connectivity."
The almost $100 million in funding comes as many tech companies are grappling with a down market in which major fundraising rounds are few and far between. In the first two quarters of 2023, the largest fundraise in the Philadelphia area was from ArriVent Biopharma at $155 million in March. The next largest locally was VentaBio at $64 million in April, according to data from PitchBook.
