St. John's-based SiftMed has raised a new round of financing led by Staircase Ventures of Toronto, bringing the company's total funding to more than $10 million as it expands its artificial intelligence platform for medical claims.

Existing investors Pelorus VC and a group of Verafin founders also participated in the round, the company said. SiftMed did not disclose the amount of the latest investment.

Founded to streamline the review of complex medical records, SiftMed develops AI software that helps insurance carriers, independent medical examiners, legal teams and life care planners organize, analyze and extract information from medical claims.

“We started SiftMed to uncover facts that change lives,” said Co-Founder and CEO Holly Hill in a statement. “This round means we get to do that at a bigger scale, in the part of the industry that needs it most.”

Though the statement didn’t say so, the funders are obviously impressed with the company’s strong growth. In April, Hill said SiftMed recorded 10X revenue growth in 2025 and was targeting 4X growth of annual recurring revenue in 2026.

In the statement, the company said its platform is designed to reduce the time required to review claims by 50 to 70 per cent by identifying information such as pre-existing conditions, treatment gaps and evidence related to causation. The system also links its findings to the original source documents to provide an audit trail.

Hill said the new capital will allow the company to focus on the insurance sector, where claims volumes are increasing and insurers are seeking tools that can improve the consistency and speed of medical reviews.

According to the company, the funding will be used to enhance reporting and auditability features, expand its insurance-focused product and engineering teams, and grow its customer base among insurance carriers, independent medical examiners and legal organizations.

SiftMed said its software supports the claims process from document intake and organization through AI-assisted analysis, producing reports that trace every conclusion back to the underlying medical records. The platform is intended to help insurers standardize claim reviews while providing documentation that can withstand regulatory or legal scrutiny.

The company now employs about 30 people in St. John's and is hiring for positions in product development, engineering and marketing.

SiftMed closed a funding round of $2.7 million in late 2023 and previously said that it raised $2.7 million in 2025.