The Venture Codex

Participated · Series B · Jun 2021

Nayya operates an AI-enabled employee benefits system of action that connects employer HR data to deliver tailored benefits experiences. The company has been an ADP partner since 2022 and currently enables smarter benefits management for over 600,000 employees on ADP Workforce Now. Its platform helps employees select, optimize, and manage benefits across areas from claims management to retirement planning. Employers can optimize benefits spending, brokers can scale and offer data-driven advice at the employee level, and carriers gain richer insights into customer needs. ADP Ventures' strategic investment is intended to deepen the relationship and extend Nayya's capabilities to ADP's client base, with the potential to reach millions of employees. The stated goal of the integration is to set a new industry benchmark for benefits guidance and employee experience. Nayya is a benefits experience platform that leverages AI and data analytics to deliver personalized benefits experiences and simplify benefits selection and year‑round utilization. The company partners with employers and benefits providers to drive higher engagement, satisfaction, and retention. Founded in 2019 and based in New York, Nayya emphasizes holistic benefit guidance that spans health and wealth. Its platform reduces the complexity of benefits selection and provides tools and insights for employees to make informed decisions. Nayya says it will continue advancing its technology and strategic partnerships as it accelerates growth and shapes the future of benefits. Nayya Health offers an algorithmic recommendation engine and a Robotic Process Automation-style digital assistant that helps employees choose benefits and navigate insurance, clinical and workplace administration. Its B2B customers are employers (and increasingly insurers) who license the engine and app and the company charges a flat monthly fee per user. Nayya says it will not become an insurance provider and positions itself as a “TurboTax” for benefits. The company has expanded beyond healthcare into life insurance, financial planning, mental health and other ancillary services. It serves enterprises as well as companies with as few as 50 employees and does not disclose total customer counts. Nayya plans to launch a product targeting freelancers and sole traders in the future and has leaned on increased transparency requirements in healthcare as an input to its algorithms. Nayya is a software and data infrastructure company transforming how employees choose and use benefits, operating a platform powered by billions of consumer data points, millions of rows of claims data, and thousands of integrations. Its core products include Choose, a personalized decision-support engine for enrollment, and Use, an AI-driven automated healthcare claims assistance and benefits engagement solution. The company said it expects to finish the first half of the year with 5x growth in sales and 3x growth in its customer base, and its total funding after the round is just under $50M. Nayya plans to use the Series B capital to grow its team and invest in new features, including an enhanced user experience with more financial recommendations, personalized benefits risk scoring, and estimates of annual healthcare spend for employees. Its Use product has launched with leading national employers and through national alliances with seven of the fifteen largest benefits brokerage firms in the U.S. Nayya was founded in 2019 and is headquartered in New York, NY. Nayya is an insurance benefits experience and management platform that leverages billions of datasets across the healthcare and insurance industries to simplify benefits selection. It helps consumers choose and utilize the right personalized benefits plans throughout the year. The company was founded in 2019 by Sina Chehrazi and Akash Magoon and is based in New York City. Customers and partners include carriers Guardian, Unum and American Public Life, benefit administrator Selerix, dozens of national employers, and alliances with several of the ten largest brokerage firms including Acrisure’s voluntary benefits division. Nayya closed an $11M Series A led by Felicis Ventures. It plans to use the funding to grow its team in New York and nationally, expand its product portfolio into additional lines of insurance, deepen consumer data and HCM integrations, and accelerate partnerships across employers, carriers and brokers.

Led · Series B · Nov 2020

Fabric provides term life insurance through a fully digital experience designed to make coverage quick, simple, and affordable for young families. Policies are issued by Vantis Life, which carries an A rating from A.M. Best, giving customers additional confidence in claims-paying ability. Since launching roughly a year ago, the company has attracted thousands of families who have purchased coverage via its proprietary online process. The platform removes traditional pain points—lengthy applications, medical exams, and opaque pricing—by automating underwriting and offering transparent, mobile-friendly onboarding. Fabric positions itself as a modern financial-protection brand, competing with legacy insurers by emphasizing speed, cost, and user experience. To support accelerating demand, the firm is expanding headcount at its Brooklyn, New York office. Backed by top-tier investors, Fabric plans to scale marketing, product development, and partnerships that further integrate insurance into everyday financial planning for parents.

Participated · Series C · Nov 2020

Human API is a San Mateo, Calif.–based company that enables consumers to connect and share electronic health data with companies they trust. Led by founder and CEO Andrei Pop, the company provides a platform that connects, manages and shares data from electronic health records, pharmacies, labs, wearables and fitness apps. Its customers include insurers, corporate wellness programs, health plans, digital therapeutics and clinical research organizations building consumer‑centric apps and services. The company says it will use the Series C proceeds to scale new products and services for new product design, granular risk stratification, clinical trial recruitment, population health management, patient monitoring automation and digitized chronic disease management. Human API announced it raised over $20m in the Series C in March 2020. Human API operates a data platform that retrieves, analyzes, normalizes, and delivers clinical and wellness information on consumers from a network of electronic health record vendors, labs, pharmacies, wearable devices, and health apps. The platform connects via more than 20,000 unique integrations spanning over 600,000 healthcare providers and 230 million consumers. Enterprises, including fast-growing startups and Fortune 500 companies across insurance, clinical research, pharmaceutical, and digital health, use the platform to access securely permissioned clinical data. Led by founder and CEO Andrei Pop and based in San Mateo, CA, the company intends to use new funding to accelerate product development and market expansion. Human API raised $10M in funding from institutional backers and returning investors. Backers named in the round include Guardian Life Insurance Company, SCOR Life and Health Ventures, BlueRun Ventures, and Max Levchin's SciFi VC. Human API builds a HIPAA‑compliant API that retrieves data from medical devices (for example, blood glucose monitors), fitness trackers, genetic tests, and lab tests, and standardizes and normalizes that information for developers. The platform also lets patients decide which data to share. Its technology is intended to overcome challenges of aggregating disparate sources so health IT vendors and providers can analyze de‑identified or patient‑shared data. Customers cited in the article include DrChrono, WellRight and JumpstartMD. Leadership has reported overwhelming demand from application developers and larger health IT vendors, and the company has been hiring to keep up. The recent financing is expected to support increased headcount and product development to court larger clients; Human API is based in Redwood City, California.

Participated · Series B · Nov 2019

HealthCare.com operates a digital, data-driven insurtech platform that matches individuals to a wide array of healthcare products using deep data assets and AI algorithms. The company develops and markets a portfolio of proprietary direct-to-consumer insurance and pharmacy plan products. It aims to simplify discovery, selection, purchase and use of health insurance and other healthcare-related products across every life stage. HealthCare.com has stated plans to expand its direct-to-consumer insurance and pharmacy initiatives and to accelerate development of its AI platform. The company was founded in 2014 and is headquartered in New York City and Miami, Florida. Recent financing activity reflects substantial capital support for its growth plans. HealthCare.com operates a digital healthcare platform that leverages deep data assets and AI algorithms to match individuals to a wide array of healthcare products, including proprietary insurance and pharmacy plans and customizable insurance bundles. The platform supports multi-product purchase options in a single transaction and emphasizes improving the end-to-end consumer healthcare experience. The company says it helped millions of people connect to a healthcare product and reported direct-to-consumer enrollments up 97% in 2021. HealthCare.com has grown its distributed workforce to more than 370 employees (a 130% increase since January 2021) and operates across more than 15 U.S. states plus Guatemala, Thailand, and the Netherlands. The company plans to accelerate investment in data science, product development, and engineering and to hire for several key roles as it scales. HealthCare.com operates a data-driven online shopping platform that enables American consumers to enroll in individual health insurance and Medicare plans. The company also develops and markets a portfolio of proprietary direct-to-consumer health and supplemental insurance products under the Pivot Health brand. It combines technology, engineering and data-science to streamline insurance shopping and product development. Founded in 2014 by Howard Yeh, Jeff Smedsrud and Jose Vargas, the business is focused on expanding its consumer experience solutions. HealthCare.com plans to use new capital to fund technology, engineering and data-science investments and to accelerate development and marketing of its proprietary insurance products. The company has raised over $27M in total capital to date. HealthCare.com is a Miami, FL-based search and comparison engine that helps consumers find and purchase personal health insurance plans. Led by CEO Jeff Smedsrud, the platform offers a selection including virtually all state-based exchange plans, federal exchange plans and many private, off-exchange plans. Consumers can compare costs and subsidies for free and buy insurance online, over the phone with a licensed advisor, or in person with a local agent. The company plans to use the Series A proceeds to continue building out its consumer interfaces and service offerings and to expand its reach in the online healthcare market. HealthCare.com completed a $7.5M Series A round in November 2014. HealthCare.com operates online tools that let consumers compare, customize and save money on health insurance plans. The company’s core product is a health insurance search and comparison platform that includes plan customization features. It plans to launch additional health insurance search and comparison tools and to offer private-label supplemental plans that fill coverage gaps caused by high deductibles. Management says the company will use new financing to expand operations and roll out these tools. The site also hosts a care provider directory with more than 1.2 million listing profiles. HealthCare.com is based in Miami, FL.