05:28 AM EDT, 09/25/2024 (MT Newswires) -- (Updates with Centivo's response in the fifth and sixth paragraphs.)

JPMorgan Chase's ( JPM ) Morgan Health unit and Cone Health Ventures provided $75 million equity and debt financing to healthcare firm Centivo, Reuters reported Tuesday, citing Centivo.

Centivo did not provide details of the valuation at which it raised the latest capital, the report said.

Centivo plans to utilize the new capital to enhance its product technology and form new collaborations, the report said.

"JPMorgan Chase ( JPM ), along with other employers, are seeking opportunities to strengthen their employee health and well-being offerings without raising premium costs," Reuters quoted JPMorgan's ( JPM ) vice chairman, Peter Scher, as saying.

A Centivo spokesperson told MT Newswires in an email Tuesday that the funding round is a "crucial step to ensuring that more hard-working Americans and their families get the healthcare they need without worrying about how they will pay for it" which means "enhancing and scaling" the firm's products.

"Simultaneously, we will continue to grow our network of strategic partnerships with leading health systems to achieve integrated, coordinated, and cost-effective care for our members, and aligned incentives for our employer customers," the spokesperson added.

JPMorgan ( JPM ) and Cone Health did not respond to MT Newswires' requests for comment.

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