Led · Equity · Jul 2024

Zoë Foundry is a vertically focused venture studio building a portfolio of startups in the employee benefits ecosystem aimed at the next wave of insurtech growth. The studio plans to launch three employee benefits startups annually, concentrating on SaaS, B2B, and AI solutions. It has launched two companies so far: SlainTech, a platform for automating small group health portfolios, and Bentection, an executive benefits sales enablement platform. Both ventures have been validated by the market, are actively serving customers, generating revenue, and gaining traction. Zoë Foundry was founded by CEO Garrett Viggers and COO/CIO Jason T. Andrew, and is joined by CTO and co‑founder Jonathan Mulieri; the leadership team brings roughly 20 years of employee benefits and technology experience apiece. The founders' background includes Limelight Health, which raised $44 million and was acquired by FINEOS for $75 million in 2020; Limelight had been backed by insurers including Aflac, Principal, MassMutual, Transamerica and AXA. Principal and RGA have provided early capital support, investing a combined $5 million as lead investors.

Participated · Series B · Mar 2023

EvolutionIQ’s core product is an AI-powered Claims Guidance system that actively monitors open insurance claims and directs frontline operators to cases needing attention, new actions, or complex decision-making. The guidance aims to help claims handlers make more accurate decisions, improve claimant experience, shorten claim durations, and reduce claim losses and expenses. EvolutionIQ’s solution is being integrated with Guidewire ClaimCenter to provide a unified workflow and streamline data transmission between systems. The company has entered a strategic partnership with Guidewire to make it easier for shared customers to deploy AI in the claims handling process and to influence industry technology standards. Guidewire’s involvement includes a strategic investment and listing EvolutionIQ as a Solution partner in Guidewire PartnerConnect, which EvolutionIQ says endorses its Claims Guidance offering. EvolutionIQ is a New York–based AI-powered claims guidance platform that monitors open insurance claims and guides examiners and adjusters to the right actions. Its platform uses proprietary machine learning and natural language processing to understand complex bodily injury and recovery and to provide real-time predictive accuracy and explainable AI. EvolutionIQ’s software actively prioritizes claims that require attention, new actions, or complex decision-making and delivers daily guidance to frontline operators. The company says it dramatically increased its customer base and tripled contracted revenue in 2022, and that every pilot it completed turned into a production customer. EvolutionIQ reports significant recurring revenue and has limited its fundraising to minimize dilution. The company plans to use the Series B proceeds to expand engineering, data science, product, and customer success teams and to expand internationally. EvolutionIQ offers a decision-intelligence platform that analyzes historical claimant data and third-party information to surface and prioritize "high-opportunity" claims for insurance examiners. The platform targets complex, long-running health-related claims (short-term disability, long-term disability, workers' comp and P&C) and presents explainable, actionable insights so adjusters can focus on the cases with the largest impact. EvolutionIQ monitors open claims to flag cases that need attention or have fallen through the cracks, and translates model outputs into plain-language guidance for frontline operators and managers. The company emphasizes explainability to mitigate bias and make its AI outputs usable in regulated insurance workflows. EvolutionIQ counts top disability carriers, property-casualty carriers and third-party administrators among its customers, including Reliance Standard, Principal, Sun Life, Argo Group, Matrix Absence Management and FullscopeRMS. The company was cash-flow-positive in 2021 and plans to use new capital to expand engineering, data science, product and customer success teams and to accelerate customer acquisition as it explores new insurance categories.

Led · Series C · Jan 2019

Limelight Health delivers a cloud-based, configurable microservices platform for quoting, rating, proposal generation, renewals, underwriting, enrollment support, reporting, agent self-service and document management for carriers, underwriters, agents and advisors. The platform automates pre-sales, new business processing and integrates with industry systems and services. The company plans product development to add more automation, enhanced workflows, an underwriter certification program and risk scores derived from datasets to improve underwriting. Limelight also supports consumer delivery and agent self-service capabilities and offers configurable modules for varied business needs. It operates from San Francisco with satellite locations in Redding, California and Des Moines, Iowa and maintains a remote workforce. The company will use new funding for customer acquisition, global expansion and hiring. Limelight Health provides a real-time, automated platform that streamlines quoting, sales, enrollment and renewals for the employee benefits industry. Its first product, QuotePad, enables on-demand health plan rate data and price quotes, auto-generates custom sales proposals, and supports electronic enrollments and decision support. The company's API integration connects into popular online CRM and employee benefits platforms, including Salesforce, Microsoft Dynamic, Bernie Portal, California Choice and EaseCentral. Limelight licenses its software to insurance carriers, PEOs, payroll companies, brokers, general agents and enrollment exchanges. QuotePad is currently available in California, Colorado, New York, New Jersey, Illinois and Texas, with planned real-time quoting and enrollment availability in Maryland, Virginia, Pennsylvania, Oregon, Utah, Rhode Island and the District of Columbia starting September 1, 2017. The company has offices in San Francisco and Redding, California and intends to use new funds to accelerate growth and expand its software platform. Limelight Health is a San Francisco–based provider of mobile enterprise technology for the health insurance industry. Its core product, QuotePad, is a cloud-based, data-driven mobile quoting and modeling platform that enables brokers, carrier sales representatives and underwriters to quote and compare employee health insurance benefits in real time. The platform offers real-time analytical functionality, interactive plan cost modeling, import/export of plan and contribution selections, and an API/open integration with CRM, benefits administration, payroll and accounting systems. The company plans to use the new funding to grow its sales and engineering teams, deliver product enhancements to its SaaS platform and expand distribution nationally. Limelight Health was founded in February 2014 by CEO Jason T. Andrew.