Medicare Benefit insurtech firm Devoted Well being secures $175M

Tech-enabled Medicare Benefit firm Devoted Well being introduced it scored $175 million in Sequence E funding on the finish of 2023.

Enterprise capital firms Fearless Ventures, Highbury Holdings, Stardust Fairness, GIC, Maverick Ventures and The Area Between led the spherical.

Andreessen Horowitz, Emerson Collective, Socium Ventures, The Non-public Shares Fund, and affiliated funds, Basic Catalyst, F-Prime Capital Companions and GreatPoint Ventures additionally participated within the spherical. 

WHAT THEY DO

The insurtech firm presents a stack of healthcare providers to older adults, together with Medicare Benefit well being plans, partnerships with suppliers, and its in-house digital and at-home care supplier, Devoted Medical. 

The corporate was based in 2017 by Todd Park, who beforehand cofounded Athenahealth and Castlight Well being, and his brother Ed Park, who held prime positions at Athenahealth. 

“In a healthcare system that isn’t at all times accessible or simple to navigate, we at Devoted Well being are profoundly honored to offer every member with the identical high quality of care and repair we’d need for our personal households,” Ed Park, CEO of Devoted Well being, mentioned in a press release.

“It’s deeply gratifying to have so many others consider within the promise of our mannequin, and we’re very excited to carry the love and world-class care that’s Dedicated to increasingly more People,” 

MARKET SNAPSHOT

In 2021, Devoted Well being scored $1.15 billion in Sequence D funding to assist nationwide enlargement. The corporate mentioned in a press release that as of December 2023, it served greater than 140,000 members in 299 counties throughout 13 states within the U.S. 

Devoted was one among quite a few firms, reminiscent of OpenAI and Google, that signed on to affix President Biden’s dedication to making sure the secure growth of synthetic intelligence.

In October, Devoted Well being was one among 31 contracts that obtained a five-star ranking from the Facilities for Medicare and Medicaid Companies’ Medicare Benefit, Half C and Medicare Half D Star Rankings, which price MA plans by the standard of well being and drug providers obtained by shoppers.