InsurMedix, an AI-powered insurance platform, is closing a $65 million funding round to provide coverage for fertility treatments.
Launching in the U.S. in early 2022, the platform provides medical insurance for fertility treatments including IVF, with coverage for complementary and alternative medicine as well as medical tourism for care outside of the U.S. to come later in the year.
Roughly 1 in 8 women have used infertility services in their lifetimes, according to the Centers for Disease Control and Prevention (CDC).
InsurMedix’s fully digital offerings employ machine learning for a wide range of insurance-related services, including underwriting, policy creation and claims processing, among others.
The company said it plans to expand globally over the next five years following its U.S. launch.
"We are committed to provide the best-of-class specialty medical insurance coverage for millions of people in need who cannot afford medical care for bringing life to life and wellbeing,” said Darren Gradus, CEO of InsurMedix, in a statement. “Our platform will offer a wide variety of insurance products at extremely affordable subscription prices in a market that requires such products for the past decades with no avail. We made it our prime target to become the largest medical insurtech player in the U.S. over the next 5 years and we bring hope to those who cannot afford these important treatments."
A-Labs Advisory & Finance led the round.
Funding in women’s health made up 7% of all digital health funding through August of this year, according to Rock Health.
Fertility support remains a popular area for investors, with several digital health companies raking in large sums in 2021 for related services.
Maven Clinic became the first unicorn in the women’s and family health sector in August after raising $110 million for its virtual clinic supporting fertility, pregnancy and parenting services.
Fertility benefits provider Carrot Fertility also raised $75 million in August.
In May, digital health startup Ro acquired startup Modern Fertility to build its women’s health offerings.
Funding for digital women’s health services has seen increased expansion beyond pregnancy and fertility offerings this year, too.
"We’re glad to see that 'women’s health' is no longer synonymous with just fertility and pregnancy support—investors are increasingly putting capital toward the holistic needs of the women+ population, from menopause to mental health to chronic disease care," Megan Zweig, Rock Health chief operating officer, told Fierce Healthcare in an October interview.