Benzinga | Mar 9, 2021 09:16AM EST

Healthcare Billing Tech Provider Cedar Cares Valued At $3.2B In Latest Funding Round: Bloomberg

* Health-care billing technology provider Cedar Cares Inc has reportedly raised $200 million in financing from the latest funding round, valuing it at $3.2 billion, Bloomberg reports.

* The $200 million investment was led by Tiger Global Management, followed by Andreessen Horowitz, Thrive Capital, and Concord Health Partners. The valuation was over four times compared to the funding round last year.

* Cedar's clients include hospital networks, which utilize its technology for convenient online payment by patients. Customers can further receive text alerts and interact with chatbots to rationalize the billing process.

* Andreessen Horowitz reportedly invested in Cedar to improve the health-care financial system and its customer experience.

* Cedar witnessed robust growth last year and raised financing in 2020 at a $727 million valuation. The total fundraises, including the current, amount to $350 million.

* The coronavirus pandemic has led to efficient health-care businesses, including the promotion of Cedar's products as per Cedar CEO Dr. Florian Otto. The crisis also helped to raise awareness towards the importance of investment in digital experience.

* The company will use the funding for growth initiatives, including marketing and sales spending. The company denied any present acquisition attempts or did not share any plans regarding its IPO.