Picwell is a Center City–based maker of a healthcare benefits recommendation platform. The company raised a $4 million Series B round led by Aflac Corporate Ventures, with participation from former investors BlueCross BlueShield Venture Partners and MassMutual. Aflac Corporate Ventures is the small venture arm of Atlanta-based insurance provider Aflac. Picwell plans to use the funding to ramp up marketing efforts, grow the team and expand its product line to include personalized recommendations for Health Savings Accounts (HSA). Rob Bircher, Picwell's Bay Area–based VP of sales and marketing, told Technical.ly about the company's plans. The capital will support product expansion and go-to-market activities. Picwell offers a predictive recommendation engine for health plan selection used by employers, brokers, carriers, healthcare exchanges and benefits providers. The platform applies proprietary algorithms, Big Data, machine learning and behavioral economics to analyze more than 900,000 variables that affect plan choice and surface top plans for each individual. Led by CEO Jay Silverstein, the company focuses on improving decision-making for consumers selecting health coverage. Picwell plans to use new funding to extend its product offerings, build out ancillary and voluntary offerings, and enhance its core enterprise products. It also intends to expand marketing and sales efforts to grow adoption among its target customers. The articles do not disclose revenue or user metrics. Picwell collects consumer data — including age, gender, zip code, and prescription medications — to assess how expensive plans are for individuals and how valuable each plan's benefits are. The company generates a personalized Picwell Score for each plan and offers projected out-of-pocket expenses called "Realcost" predictions and an evaluation of network value based on a consumer's lifestyle. Picwell uses data from drug formularies, provider networks, and claims available through the Centers for Medicare & Medicaid Services to calculate these scores. The product is integrated via an API into health care exchange and marketplace websites, which then offer it directly to consumers; Picwell charges an API licensing fee. The company said it is cash flow positive and plans to use the additional funding to develop other consumer decision support products. CEO Jay Silverstein said Picwell demonstrated impact in its first year and expects to play a key role as the insurance arena becomes more retail oriented.

Total raised

$11M

Funding rounds

3

Latest round

Series B

Latest activity

Feb 2018