Columbus startup Olive shuts down after raising over $850 million
Today, Olive announced the sale of its core business units: Clearinghouse and Patient Access to Waystar, and the Prior Authorization unit to Humata Health. Following these sales, Olive will wind down its remaining operations.
Established in 2012, Olive secured over $856 million in investments from notable backers such as General Catalyst, Drive Capital, Ascension Ventures, Oak HC/FT, and SVB Capital. The company’s AI was designed to simplify high-volume administrative tasks across various healthcare departments, enhancing efficiency and reducing costs. Over 600 hospitals utilized this platform.
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Verata's AI technology automatically initiates prior authorizations, retrieves payer rules, and helps identify and submit clinical documentation from the electronic health record (EHR). When payers leverage its AI platform, Verata enables point-of-care authorizations for providers and patients, dramatically accelerating access to care.