Artemis Health, a Salt Lake City, Utah-based maker of data analytics tools for employee benefit managers, has raised $8.3 million in a new round of funding led by Maverick Ventures. Existing investors also contributed. The round was completed at the end of 2016 but was just announced.
“Data is at the heart of business decision making, but employers struggle to access actionable, up-to-date data on what they spend on employee healthcare,” Grant Gordon, CEO of Artemis Health, said in a statement. “We’ve been busy putting this funding to work to grow our incredible team, reach more clients, make the Artemis Platform more powerful, and ensure that our customers can easily capture the value in their data. We’re well-positioned to lead the complex work of reducing healthcare costs for employers and employees.”
Founded in 2013, Artemis Health uses data analytics to help employee benefit managers understand where their money is going with regards to health benefits and how they could use it more efficiently. The company currently serves more than 20 large employers and covers more than a million lives.
It's set up as a series of apps to be used in a four-step process. First, users can use an app called Actionable Overspending to discover the biggest areas of waste in their current employee benefit model. They can also share that data with anyone else in the company using other apps. Another app gives suggestions on programs that could decrease healthcare spending, such as telemedicine programs. Finally, users can follow up by tracking the performance of these programs and seeing whether they are generating the savings they're supposed to generate.
In addition to the funding, Artemis Health has added two new members to its board: Ashok Subramanian, former co-founder and CEO of Liazon and the head of the Group Exchange business at Willis Towers Watson, and Ambar Bhattacharyya, managing director at Maverick Ventures.
“We invested in Artemis because it gives benefit managers and brokers an elegant, easy-to-use platform that helps them identify areas of overspending, quickly take action, and evaluate the potential of future benefits offerings,” said Bhattacharyya said in a statement. “Benefit managers are inundated with choice, and Artemis allows them to determine the ROI of the programs that are actually working. The reaction has been overwhelming; the customer satisfaction is off the charts.”