San Francisco, CA-based health insurance startup Angle Health raised $58M in Series A funding led by Portage. The digital-first insurance provider will use the fresh funds to accelerate growth and expand operations.
Additionally, new investors PruVen Capital, Wing Venture Capital, SixThirty Ventures, Mighty Capital, Wormhole Capital, Mindset Ventures, Aloft VC, and Pilot.com Inc. founder Waseem Daher participated in the latest round. Existing backers Y Combinator, Correlation Ventures, Blumberg Capital, and TSVC contributed.
With its fully customized comprehensive healthcare benefit plans for businesses, Angle Health offers a digital-first care navigation experience supported by its integrated, AI-enabled technology platform.
“Angle Health brings a customizable, fully digital solution to an industry dominated by rigid benefit plans, opaque underwriting, difficult switching costs, and siloed point solutions,” said Ricky Lai, Partner at Portage. ”
All Angle Health plans include telemedicine, behavioral health, and other digital health solutions as essential services for little to no cost to members. These services are typically found outside the realm of standard health insurance.
“At Angle Health, we have an ambitious vision to unify the fragmented healthcare benefits system, which today severely limits access to, and availability of, modern healthcare services like telemedicine, digital behavioral health, and chronic disease management,” said Ty Wang, CEO of Angle Health.
Angle Health democratizes access to modern healthcare
Ty Wang, the company’s CEO, and Anirban Gangopadhyay, its chief technical officer, were both former engineers of Palantir Technologies Inc. who co-founded Angle Health in 2021.
After having bad experiences with the U.S. personal health insurance market, they decided to start their own company.
The firm hopes to revolutionize how Americans acquire health insurance by integrating traditional healthcare providers, digital health, and wellness into a single, integrated ecosystem that supports greater health.
The firm has been developing its artificial intelligence-powered software and regulatory infrastructure since it joined the Winter 2020 batch of the incubator Y Combinator.
“Just as tools for navigation and ride-sharing have eliminated the need to read maps and street signs to traverse the physical world, Angle Health is eliminating the need for members to navigate the complexities of the healthcare system on their own and empowering members to get care without breaking the bank,” said TY Wang.
Angle Health accomplishes this by providing a mobile application with a digitally-first care navigation experience and a variety of comprehensive healthcare benefit plans that companies can provide to their workforce.
Angle Health claimed to have thousands of members already covered by health insurance after branching out into different cities.
“Angle Health is a complete paradigm shift from traditional health insurance. They bring a sophisticated and customizable health plan approach to SMBs and mid-market employers in a way that has never been done before,” said Victoria Cheng, Partner at PruVen Capital.