Healthcare benefits assistance platform HealthJoy has brought in a $30 million Series C funding round, according to a TechCrunch interview being promoted by the startup. Health Velocity Capital led the round, which also included returning backers US Venture Partners, Chicago Ventures and Epic Ventures, among other individual investors.
WHAT THEY DO
Founded in 2014, HealthJoy expanded its business from the individual health insurance market to employee engagement and cost containment in 2016.
Key to the company’s approach is Joy, a virtual assistant that helps users understand their benefits packages and navigate their care options through artificial intelligence-guided conversation. Along with easily integrating and displaying an individual’s coverage, the platform includes 24-7 live care provider support as well as a log of historical claims information and past conversations.
Other offerings from the startup include a price transparency tool and an employee assistance program consisting of round-the-clock counseling services.
HealthJoy’s accounts were bolstered last year with a $12.5 million Series B led by US Venture Partners, and in 2017 with a $3 million Series A. Taken together, the company has now raised a total of $53 million.
WHAT IT’S FOR
The company told TechCrunch that it will be looking to improve its existing AI tech, develop new services and integrate with more business partners. Additionally, HealthJoy wants to bring on 200 more employees on board sometime next year — with a particular focus on its engineering team.
Limelight Health, Lumity and League are among the other employee benefits engagement platforms that have each raised eight-digit rounds over the last couple of years. But the recent standout in this field is certainly Collective Health, which last summer raised a $205 million Series E to target new strategic partnerships, expand its teams and build onto its platform’s predictive analytics capabilities.