Nayya Health has banked $55 million in a series C funding round for its artificial-intelligence-powered platform that helps consumers find benefits personalized to their needs.
The insurtech startup uses machine learning to personalize benefits recommendations for employees.
Its platform aims to help consumers better understand their options during open enrollment so they select benefits they’ll actually use, resulting in increasing engagement and utilization.
Users save an average of $1,200 each year through the platform, according to the company.
“In the last two years, there has been a dramatic uptick in anxiety, loneliness and depression amongst countless individuals, drastically altering the lives of workers across industries,” said co-founder and CEO Sina Chehrazi in a statement. “That’s why it’s so essential for organizations to offer quality, personalized benefits and coverage plans to empower a dynamic, creative and engaged workforce. This investment is a vote of confidence in our mission to make the healthcare and benefits experience clearer, quicker, kinder, much more beneficial and economical.”
Nayya also provides year-round proactive guidance to empower consumers in the face of qualifying life events.
In addition to providing personalized benefits selection support, its technology integrates with all of a consumer’s benefits for claims advocacy to surface savings opportunities, according to the company.
ICONIQ Growth led the series C round, joined by Transformation Capital and existing investors Felicis Ventures and SemperVirens.
Mike Dixon, managing partner at Transformation Capital, will join Nayya as a board observer.
“Investing in the future of benefits is extremely important, especially as the healthcare landscape and expectations of consumers are changing so rapidly,” Dixon said. “Nayya has successfully integrated artificial intelligence into the entire benefits experience—creating a consumer-driven platform that erases benefits-related confusion and stress—while solving a massive challenge almost all businesses and their employees face.”
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The New York City-based company has raised $106 million since its creation in 2019.
The startup last nabbed $37 million in a June series B round.
Nayya plans to use the fresh capital to accelerate the development of its platform, partner with more employers and healthcare solutions and continue investing in its connected data footprint.
The company previously stated its plans to expand its platform to include guidance for a range of additional solutions in 2022.
While the new funding accelerates that goal, the company also pulled in record revenue last year to support its expansion, reporting sevenfold revenue growth compared to 2020.
Its co-founder and Chief Technology Officer Akash Magoon landed a spot on Forbes’ "30 Under 30" list last year.