A tech-enabled Medicare Advantage company devoted health announced that it has secured $175 million in Series E funding at the end of 2023.
Venture capital firms Fearless Ventures, Highbury Holdings, Stardust Equity, GIC, Maverick Ventures, and The Space Between led the round.
Andreessen Horowitz, Emerson Collective, Socium Ventures, The Private Shares Fund, and related funds General Catalyst, F-Prime Capital Partners, and GreatPoint Ventures also participated in the round.
function
The insurtech company offers an array of health care services to seniors, including Medicare Advantage health plans, provider partnerships, and its in-house virtual and home health care provider, Devoted Medical.
The company was founded in 2017 by Todd Park, who previously co-founded Athenahealth and Castlight Health, and his brother Ed Park, who held the top position at Athenahealth.
„In a health care system that isn't always accessible or easy to navigate, we at Devoted Health are honored to be able to provide each member with the same quality of care and service that they want for their own families. ” said CEO Ed Park. Devoted Health said in a statement:
“We are thrilled that so many people believe in the promise of our model, and we look forward to bringing dedicated love and world-class care to even more Americans.” I'm very excited.“
market snapshot
In 2021, Devoted Health received a score of $1.15 billion in Series D funding We support nationwide expansion. The company said in a statement that as of December 2023, it serves more than 140,000 members in 299 counties in 13 U.S. states.
Devoted was one of a number of companies that signed on to participate, including OpenAI and Google. President Biden's Commitment To ensure the safe development of artificial intelligence.
During October Devoted Health was one of 31 deals It earned a five-star rating from the Centers for Medicare and Medicaid Services' Medicare Advantage, Part C and Medicare Part D Star Ratings, which evaluate MA plans by the quality of health and drug services consumers receive.