NY-based Nayya, a leading insurance benefits experience and healthcare management platform, raised US$ 37M in Series B financing on 2 June 2021.
Investors: The funding round was co-led by SVB Capital and ICONIQ Growth, with participation from Bow Capital, Felicis Ventures, Social Leverage and SemperVirens. Existing investors include Guardian Strategic Ventures and Unum Business Ventures, alongside health insurer CNO Financial Group. The total funding raised by Nayya stands at US$ 50M.
Purpose of funding: The funds raised will be utilized to grow the size of its team and invest in new features for its core offerings.
About Nayya
Founded in 2019 by Akash Magoon and Sina Chehrazi, Nayya is an insurance benefits experience and management platform that addresses health plan challenges. Nayya leverages Artificial Intelligence and Data Science to drive product innovation.
Products:
1. Choose: A personalized decision support engine that helps employees select the right plans for their lifestyles during enrolment.
2. Use: An AI-driven, automated healthcare that claims assistance and benefits engagement solution designed to help employees save money.
Nayya is set to introduce its newly enhanced user experience that will estimate annual healthcare spend for each employee so that they can make data-driven decisions as they select their health plans and benefits. Nayya is changing the benefits experience for customers by linking different external data points to offer curated, confidential guidance on topics such as selecting voluntary benefits, comparing different health insurance options and finding cost-effective prescription drugs and healthcare.
What the CEO has to say: “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. 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.” — Sina Chehrazi, Co-Founder and CEO at Nayya.
What the investors have to say: “The idea of a personalized benefits experience, coupled with data science and AI technology that can tie all your benefits decisions together, has really never existed before. Nayya has reinvented the entire benefits experience, creating a brand-new medium that empowers consumers, while helping them save money and avoid unexpected medical costs.” Tilli Bannett, Managing Director at SVB Capital.
“We believe Nayya is redefining benefits decisions for American workers. Nayya’s data science and AI-powered products greatly improve the benefits experience, enabling employers to better serve their employees while also empowering employees to make informed decisions on their benefits which can drive immense value to their lives.” Caroline Xie, General Partner at ICONIQ Growth.
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