The company will use the funding to advance its product development, expand partnerships with employers, and improve its connected data footprint
The current funding round brings the company’s total capital raise to $106m. (Credit: Darko Stojanovic from Pixabay)
US-based digital health company Nayya Health has raised $55m in a Series C financing round to support its AI-backed personalised healthcare benefits platform.
The current funding round, which follows a $37m Series B round announced nine months ago, brings the company’s total capital raise to $106m.
Led by existing investor ICONIQ Growth, the funding round has also seen participation from Felicis Ventures and SemperVirens, along with new investor Transformation Capital.
Nayya intends to use the funding to advance its product development, expand partnerships with major healthcare solutions and employers, and improve its connected data footprint.
As part of the investment, Transformation Capital managing partner Mike Dixon will be appointed as Nayya’s Board Observer.
Mike Dixon said: “Investing in the future of benefits is extremely important, especially as the healthcare landscape and expectations of consumers are changing so rapidly.
“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.”
According to the company, majority of the US workforce feel that navigating through healthcare and benefits system is frustrating, stressful, and confusing process.
The consumers often spend more on insurance benefits they don’t need, which leads to decline in benefits engagement, utilisation, and unpredicted medical debt.
Nayya claims that it improves the way employees choose and use their benefits, using personalised insights and guidance on enrolment, onboarding, and qualifying life events.
Its platform leverages AI and data science to provide employees with personalised guidance and help them make smarter healthcare and benefits decisions.
Nayya co-founder and CEO Sina Chehrazi said: “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.
“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.”