Devoted Health, a Waltham, Mass.-based insurance startup, has raised a$300 million Series B and is enrolling to its Medicare Advantage plan members in eight Florida counties.The company, which helps Medicare beneficiaries access care through its network of physicians and tech-enabled healthcare platform, has raised the funds from lead investor Andreessen Horowitz, Premji Invest and Uprising.The company declined to disclose its valuation.Devoteds founders are brothers Todd and Ed Park the companys executive chairman and chief executive officer, respectively.
Todd co-founded a pair of now publicly traded companies, Athenahealth, a provider of electronic health record systems, and health benefits platform Castlight Health.
He also served as the United States chief technology officer during the Obama administration.
Ed, for his part, was the chief operating officer of Athenahealth until 2016 and a member of Castlights board of directors for several years.Venrock partners Bryan Roberts Devoteds founding investor and Bob Kocher its chief medical officer are also part of the companys founding team.The Park brothers have tapped Jeremy Delinsky, the former CTO at Wayfair and Athenahealth, as COO; DJ Patil, a former data scientist at the White House, as its head of technology; and Adam Thackery, the former CFO of Universal American, as its chief financial officer.Its board includes former Health and Human Services Secretary Kathleen Sebelius and former Senate Majority Leader Bill Frist.
As part of the latest round, a16zsVijay Pande will join its board, too.The company says its committed to treating its customers as if they were members of its employees own families.
For Patil, the startups head of tech, thats made the entire process of building Devoted a very emotional one.Ive cried a lot at this company, Patil told TechCrunch.
You meet these seniors and theyve done everything right.
Theyve worked so incredibly hard their entire lives.
Theyve given it their all for the American dream.
Theyve paid into this model of healthcare and they deserve better.Devoted, which previously raised $69 million across two financing rounds in 2017 from Oak HC/FT, Venrock, F-Prime Capital Partners, Maverick Ventures and Obvious Ventures, has begun enrolling to its Medicare Advantage plan seniors located inBroward, Hillsborough, Miami-Dade, Osceola, Palm Beach, Pinellas, Polk and Seminole counties.
It will begin providing care January 1, 2019.Its long-term goal is to offer insurance plans to seniors nationwide.We are responsible for these peoples healthcare, so we need to get it right, Patil said.