Rivet, a Salt Lake City, UT-based provider of a healthcare billing platform, raised $20.5M in Series B funding.
The round was led by Catalyst Investors with participation from Ankona Capital and existing investors Menlo Ventures, Pelion Venture Partners and Lux Capital. Tyler Newton, Partner with Catalyst Investors, will join Rivet’s Board of Directors.
The company intends to use the funds to accelerate growth and expand operations.
Led by CEO Ted Ferrin, Rivet provides a revenue cycle operating platform dedicated to improve the healthcare billing process, from payer to provider to patient. The platform offers tools for Estimates, Underpayments and Denials, giving patients transparency around the cost of care and providers the ability to hold payers accountable to their contracts.
The company currently operates largely in outpatient facilities, but it aims to elevate the healthcare billing experience across all settings, regardless of size or specialty.