Noyo is a digital platform that connects the online infrastructure to bring health insurance into the existing systems to modernize the system. The startup company provides APIs that connect players in the health insurance sector announced that it has raised a Series funding of $12.5 million. The new capital of the company comes less than a year after the startup disclosed that it had raised approximately $4 million in its pre-seed and seed funding capital and that its healthcare-related product was available in the marketplace.
In the initial years of its start, it was quite clear that Noyo had a clear focus on its fraction of the healthcare globe. At present, almost a year afterward, the company finally confirmed its Series funding to TechCrunch during discussion surrounding its fresh capital lift that it is keeping its spotlight for now. The API healthcare insurance software-based company Noyo is working in a huge marketplace that is the U.S. health insurance universe. This market certainly provides the company with a space to grow for the next few years to come.
The healthcare startup sells its APIs, which permit clientele to “perform, track, and confirm the completion of associate transaction needs to carriers. The business is doing good in the American healthcare marketplace that is massive, lucrative, and full of antiquated technology. This healthcare insurance part in the marketplace is evenly huge and broken, providing a jumbo prospect to the startup to steer its politics and elite needs with a technology key able to help out incumbents accelerate the sales.
The Series A
Noyo co-founder Shannon Goggin said that “really good signal and pickup from our early clients and partners.” That, combined with what she described as a “very clear sense of what we needed to do, and how we could accelerate bringing our future vision to life” were enough for her team to say “alright, let’s settle down, this is working, let’s be able to take the big swings.” She added further.
The company series A funding was led by Costanoa Ventures and Spark Capital. Along with the new investors the previous investor’s Garuda Ventures, Precursor Ventures Core Innovation Capital, the Webb Investment Network, and Homebrew upped their asset in the round.
For now, with this funding, the company Noyo has plans to keep hiring the new staff, with Goggin telling TechCrunch that her company is at present about 20 people, but in the future, it will be around 30 experts by the time 2021 started. She also added that “the nice thing” about her fresh capital lift is that her startup will have enough staff when it wants to “roll out a fresh product.”