Digital Health Insurance Provider Angle Health Pulls in $58M


Angle Health, a digital insurance startup, secured $58 million in Series A funding, which it will use to grow its membership, the company announced Wednesday.

San Francisco-based Angle Health, founded in 2019, is a digital healthcare benefits provider for employers. Its AI-powered app offers care navigation services through its care team. Its customizable health plans include telemedicine, behavioral health and other digital health solutions. It can also help with payment processing, billing and invoicing. Angle Health covers tens of thousands of lives in Arizona, Georgia, Indiana, Missouri, Ohio, South Carolina and Utah.

“I would say our two differentiating factors are one, our ability to build fully customizable bundles,” said Anirban Gangopadhyay, co-founder and chief technology officer, in an interview. “The second is the member experience, where we built through our mobile app a chat-first experience where members come to us for that first point of care for any question they have.” 

The $58 million funding round was led by Portage and included participation from PruVen Capital, Wing Venture Capital, SixThirty Ventures, Mighty Capital, Wormhole Capital, Mindset Ventures, Crew Capital, Aloft VC and Waseem Daher, founder of Pilot. In combination with its $4 million seed round, Angle Health has raised $62 million.

Portage chose to invest in Angle Health because of the disruption it brings to traditional health plans, said Ricky Lai, partner at the investor.

“Angle Health brings a customizable, fully digital solution to an industry dominated by rigid benefit plans, opaque underwriting, difficult switching costs, and siloed point solutions,” Lai said in a news release. “Just as innovators like Kin and Lemonade have done for personal lines of insurance — Angle has made health insurance more convenient, approachable, and affordable for employers and members.”

With the funding, Angle Health plans to expand into new markets and grow its membership, Gangopadhyay said. It will also work to further develop its product and offerings, he added.

The company was created out of Gangopadhyay and Co-founder and CEO Ty Wang’s own frustration with the health insurance space. Before founding Angle Health, the duo worked at Palantir, a big data analytics company.

“At Palantir, we worked with large healthcare companies and we saw how broken systems were from the inside with data silos, organizational silos, making simple things like understanding which providers are in network very difficult to glean for members,” Gangopadhyay said. 

Angle Health’s competitors include traditional insurance companies like Blue Cross Blue Shield, UnitedHealthcare, Cigna, Anthem and Aetna. There are also some startups in the space that sell to employers, like Firefly Health.

Picture: Feodora Chiosea, Getty Images

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *