Health tech company Veda announced recently that it raised $45 million in a Series B round led by Oak HC/FT.

According to a release, the funds will be used to accelerate growth of Veda’s artificial intelligence and machine learning platform that can save healthcare payers and providers administrative costs.

“There’s an urgent need for automation in healthcare to reduce inefficiencies and upward of $1 trillion in unnecessary costs,” CEO and Co-Founder Meghan Gaffney said in a statement. “With this new funding, we’ll be better positioned to seize new opportunities through our range of solutions and address a host of critical industry needs.”

Veda said it will save health plans 500,000 hours in provider data processing time this year.