Milwaukee-based Sift Medical Data Inc. is working to raise a new funding round of up to $1.1 million.
The company has just more than $800,000 committed from fewer than 10 investors in the funding round so far, said Justin Nicols, founder and chief executive officer of Sift MD.
This latest funding round comes on the heels of a $655,000 seed funding round Sift closed in November, led by Winnebago Seed Fund. It was the first investment for Neenah-based Winnebago since it closed its $11 million startup fund as part of the Badger Fund of Funds program.
The startup decided to go back to investors so soon because it has been scaling its team as it sees more customer demand in the market. It plans to use the additional funding to expand its sales and marketing efforts and hire additional data scientists in Milwaukee, Nicols said.
Winnebago is again the lead investor in Sift’s $1.1 million round, Nicols said, and other seed-round investors also made follow-on investments. The raise is expected to close Sept. 15.
Sift, established in 2013 and previously known as Small Biz Collections LLC and Remindabill Inc., helps normalize insurance claims and insurance payment data to help medical providers draw analytics from the information. For example, a provider could predict a patient’s propensity to pay, and the optimal bill amount to put in front of a patient based on their ability to pay, Nicols said. Read the full story here.