Artemis Health, which offers a benefit optimization data platform for employers, just received $16 million in Series B funding, led by an investment from F-Prime Capital, the venture capital funds of FMR LLC, the parent company of Fidelity Investments. There was also participation in the round from Maverick Ventures and Kickstart Seed Fund, both previous investors.
This is the second major round of funding Artemis Health has raised in 12 months, totaling $26 million to date. The funds are earmarked for a rapid expansion through investments in thought leadership, product research and development, and key executive hires.
“We believe that everyone should have good healthcare they can afford, and this round of funding greatly enhances our ability to empower employers to make that a reality by leveraging their data,” said Grant Gordon, CEO of Artemis Health, in a statement. “As the cost of healthcare soars and healthcare policy remains in flux, the kind of insight the Artemis Platform provides is more critical than ever. We are seeing increasing demand for our benefits optimization platform from companies of all sizes, and these funds will not only allow us to serve our growing client base, but also to add some new and exciting capabilities to our platform.”
According to research from BenefitsPRO, more than 80 percent of businesses with 500 employees or more offer self-insured plans. These employers generally need insight into their benefits spend to address the 30 percent of healthcare dollars put toward overspending and inefficiencies. What the Artemis Platform does is to allow employers an easy way to measure and assess the effectiveness of their benefits programs, identify opportunities for improvement, and reduce costs.
Along with the funding, Artemis Health added new board member Jon Lim, who leads F-Prime’s investment efforts in healthcare IT and healthcare services. Artemis Health joins F-Prime’s portfolio, which includes Liazon (acquired by Towers Watson), Iora Health, PatientPing, Quartet, and US HealthVest.
“Artemis Health is delivering an exciting and innovative platform that provides both reliable data and actionable insights so employers can optimize their benefits spend,” said Lim in a statement. “This directly impacts employee engagement, retention and productivity. We believe Artemis is well-positioned to partner with companies nationwide as they navigate the increasingly complex and expensive benefits landscape.”
The Artemis Platform has analyzed more than $5.8 billion in healthcare dollars for its customers.