New Leaf Venture Partners leads $10m round for drug payment company Truveris


New Leaf Venture Partners has led the closure on an oversubscribed $10m financing round for prescription drug payment system providers Truveris.

New Atlantic Venture, First Round Capital and New York-focused Tribeca Venture Partners also joined in the Series B funding, which Truveris said it would use to expand its development and operations teams to stretch their reach across the US.

The firm’s software attempts to aid healthcare companies by wiping out billing errors in prescription claims and linking members of the industry to better achieve fair prices.

Truveris president, chairman and CEO Bryan Birch said, “We are bringing cost effective technology solutions to an industry and process that desperately needs them.

“Based on reviewing more than 100 million claims through our software-as-a-service platform, we found that health plan administrators are being overcharged on every bill.

“This new round of funding is a validation from the investor community and industry professionals that this is an addressable issue.”

New Leaf Venture Partners manages about $1bn in funds and investments across 45 companies focused on biopharmaceutical, medical device and diagnostic and infrastructure technologies.

Copyright © 2012 AltAssets