Lumity raises $19 million to create data-driven recommendations to company health plans
Lumity, a business that offers to improve company health plans by data-driven recommendations, has elevated $19 million inside a series B round of funding. The round was brought by DFJ, with participation from Social Capital Partnership and True Ventures.
Founded from San Mateo, California in 2014, Lumity provides a platform made to help companies as well as their employees manage and select the right health plans while saving the businesses time and money.
Lumity states help set “fair benefit plan rates” according to insights right into a company’s group health risks profile.
Above: Lumity: Insights
Lumity may also make use of the data to recommend specific plans according to employees’ needs.
Above: Choose benefits
Employees themselves have access to data and insights specific to their personal health plan profile, while employers have access to a wider analytics dashboard that shows overall expenditure, filled with reports and breakdowns.
Above: Lumity: Data visualization
The organization elevated $14 million inside a series A round in 2015, with its latest cash injection it intends to expand its “benefits advisory practice and technical and back-office teams,” based on an announcement.
Lumity stated it increased its revenue by 800 percent in the last year, also it claims numerous notable clients, including Lyft, Green house, the Linux Foundation, and GoFundMe.
There’s been an increase in funding for platforms that concentrate on benefits and healthcare at work. Captured, Livongo elevated $52.5 million to assist big companies and health plan providers searching to optimize their spending, while Vida Health nabbed $18 million to enhance employees’ health insurance and cut the price of healthcare. Elsewhere, Accolade – an on-demand healthcare concierge targeted at employers – closed a $94 million funding round, and recently Hinge Health elevated $8 million to tackle back discomfort along with other chronic injuries included in health care insurance options.
“Every company includes a discomfort point around integrating HR technology, helping employees make informed benefits decisions, and driving financial savings with more and more costly corporate benefits programs,” stated DFJ partner Josh Stein, in explaining the VC firm’s decision to purchase Lumity. “There isn’t any accountability from either HR technology vendors or brokers to really acknowledge and address the difficulties employers and employees face within this new ecosystem. Lumity may be the first solution that can take a really customer-centric method of tackling the advantages ecosystem.”