Noyo provides an API-powered data infrastructure that enables fast, accurate, and secure exchange of group insurance and benefits data, allowing benefits information to flow point-to-point or be embedded in consumer applications. The company’s suite of APIs is designed to unlock industry-wide connectivity and network effects across carriers, benefits platforms, and employers. Noyo has partnered with major insurers and benefits software providers including Ameritas, Anthem, Beam, Guardian Life, Humana, Rippling, Unum, and Zenefits. With the new capital, Noyo plans to expand product offerings, develop additional partnerships with carriers and benefits software providers, and grow its reach into new audiences and verticals. The company frames its mission around modernizing the benefits industry to deliver more personalized, accessible, and understandable benefits experiences for employees. Noyo sells APIs that let customers execute, track and confirm fulfillment of member transaction requests to health insurance carriers. The product was born from founders Shannon Goggin and Dennis Lee’s experience at Zenefits. The company is focused exclusively on the U.S. health insurance market for now and is not expanding into other insurance verticals. Noyo has lined up partnerships with carriers including Ameritas and Humana as early traction. The startup is roughly 20 people and plans to grow to about 30 by early 2021 to accelerate product development. Management says Noyo is not aiming for immediate profitability but describes the business as a “real business with a viable model.”

Total raised

$58M

Funding rounds

2

Latest round

Series B

Latest activity

May 2022