Penguin Ai Secures $29.7M in Venture Funding to Tackle the $1 Trillion Administrative Burden in the Healthcare Industry

Penguin Ai, a healthcare artificial intelligence company that solves administrative burdens, announced today that it has secured $29.7 million in venture funding, including a $25M Series A led by Greycroft. Other participants in the financing include UPMC Enterprises, SemperVirens, Snowflake Ventures, Watershed Ventures and Horizon Mutual Holdings, Inc, the parent of New Jersey's largest and oldest health insurer. The round also included support from the original lead seed investors ManchesterStory and Overwater Ventures, as well as California Health Care Foundation, and Matt Kozlov, formerly of Techstars and now at Multiball Capital. Canvas Prime, Plug and Play and individual angels like John Santelli, former CIO of UnitedHealthcare and Eric Larsen, formerly of the Advisory Board also helped fund the company's seed round last year. The funding will support hiring, product development, and scaling deployments with payers and providers.