NewsInsurtech company Devoted Health raises $175 million

Insurtech company Devoted Health raises $175 million

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Tech-enabled Medicare Advantage company Devoted Health successfully raised $175 million in a Series E round in late 2023. The funding was led by venture capital firms Fearless Ventures, Highbury Holdings, Stardust Equity, GIC, Maverick Ventures and The Space.

Notable investors participating in the round include Andreessen Horowitz, Emerson Collective, Socium Ventures, The Private Shares Fund, Affiliated Funds, General Catalyst, F-Prime Capital Partners and GreatPoint Ventures.

Company Products and Leadership

Founded in 2017 by Todd Park and Ed Park, Devoted Health provides a range of tailored health care services to seniors. Their offerings include Medicare Advantage health plans, partnerships with healthcare providers, and their in-house virtual and in-home care provider, Devoted Medical. Todd Park co-founded Athenahealth and Castlight Health, while Ed Park held senior positions at Athenahealth.

In a statement, Devoted Health CEO Ed Park expressed his gratitude for the trust in their model, saying: “We are deeply gratified to have so many people believe in the promise of our model, and we are excited to bring the love and dedication to to provide world-class care to more and more Americans.”

Market share and achievements

Devoted Health previously secured $1.15 billion in Series D funding in 2021 to support national expansion. As of December 2023, the company served more than 140,000 members in 299 counties in 13 U.S. states. The company received the recognition in October when it received a five-star rating from the Centers for Medicare and Medicaid Services’ Medicare Advantage Part C. Medicare Part D Star Ratings. These ratings evaluate the quality of health and drug services provided by Medicare Advantage plans.

Devoted Health is part of a number of companies, including OpenAI and Google, that have committed to President Biden’s initiative to ensure the safe development of artificial intelligence. The recent Series E funding is likely to further solidify the company’s position in the rapidly growing healthcare technology space.

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