Digital health startup Nayya Health secured $55 million in a Series C funding round for its artificial-intelligence-powered platform that helps consumers find benefits personalized to their needs.
The startup, which offers a recommendation engine to help people choose benefits and a digital robotic process assistant (RPA), saw Venture capital firm ICONIQ Growth lead the round with participation from Transformation Capital, Felicis Ventures and SemperVirens.
Nayya, the insurtech startup that uses machine learning to personalize benefits recommendations for employees, completed a seed funding round in July 2020 and had two more funding rounds in 2021 totaling $48 million.
The only thing sweeter than having your cake and eating it too? Eating the leftovers for breakfast! 🍰 Our NYC office is buzzing with excitement and fun energy this week, celebrating the hard work and accomplishments of the Nayya team! 🍾🥂 pic.twitter.com/zhbh3667L4
— Nayya (@Nayya_Inc) March 3, 2022
Its platform aims to help consumers better understand their options during the open enrollment, so they select benefits they’ll use, increasing engagement and utilization.
Nayya Health has a valuation between $500 million and $750 million, co-founder and CEO Sina Chehrazi said.
“We’ve been living in a world where if you go to a hospital on the right or left side of a street, you might be paying a different amount of money for the same procedure. People cannot understand their healthcare on the best days and struggle to use it on their worst days,” added Sina Chehrazi.
Nayya’s approach to healthcare, said Chehrazi, is “solving the pain today, by helping people choose the right plans and use them.”
Employers contract with Nayya to provide its engine (and app) to its employees to help them figure out what benefits they should take, based on their health histories and other factors, including existing doctors and their networks.
When claims are being made, it helps them figure out how to get the most out of those exchanges. Nayya has also been contracting with insurance companies.
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.
Mike Dixon, the managing partner at Transformation Capital, who will join Nayya as a board observer, 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,” Dixon added.