Taking advantage of the current boom in the healthcare sector thanks to COVID 19, Nayya, the health insurance and benefits startup, has closed its Series B financial round, securing an impressive $36 million.
The chief investors for this round were ICONIQ Growth and SVB Capital. The funds so raised will be used to further support the company’s mission to redefine employee benefits by greater use of AI and data. It will use the capital to grow the size of its team and invest in new features for its core offerings.
The total funding for the startup to date, which is currently in partnership with seven of the country’s top 15 benefits funds, stands at just a little under $50 million.
“We are committed to improving the healthcare experience for employees. Employee financial wellness is more important than ever, with employee health being the largest driver. This new capital will accelerate the growth of Nayya’s ‘system of influence,’ within ‘systems of record’ across the United States. Once employees can fully understand their benefits and become confident consumers of healthcare, we can build a much stronger, much more efficient market,” said Sina Chehrazi, Co-Founder and CEO at Nayya. “We are very excited to welcome SVB Capital and ICONIQ Growth, firms with deep data and software experience, as we continue to expand our footprint and growth strategy.”
Nayya, which was founded in 2019 by Akash Magoon and Sina Chehrazi, provides a better way for America’s employees and workers to utilize their benefits.
To make this possible, the startup delves deep into the individual lifestyles, financial capabilities, and specific needs of its customers, and strives to provide them with just the right amount of knowledge regarding the options. The platform also provides people with recommendations on medical, ancillary, worksite, or voluntary plans.
Moreover, it makes use of data science, coupled with artificial intelligence, to find ways to increase the interactions between insurance providers and the beneficiaries (that is, the various employees and working-class people who take up the insurance policies), to create a more wholesome scenario in terms of health insurance. Something like this is especially pertinent in a market like USA, where healthcare expenses can pile up quick, and having a good health insurance is the only way to afford healthcare in many situations.
The firm is involved in creating highly personalized and individualized guidance for its employees, by means of a network spanning around 3 billion external data points, fed by data from consumers.
The guidance can range between a number of services, such as the comparison and selection of the most suitable health insurance, selection of voluntary benefits, cost-effective prescription medicines, and availing the benefits of different retirement plans, as well as HSA/HFA.
The company aims to aid in optimizing the health of workers, by helping them get access to the best in health and insurance, and that too, at lower costs.