Healthtech startup Noyo raises $12.5M to provide digital infrastructure to bring health insurance enrollment into the modern era
Today’s health insurance is famous for its printed paper, faxes, and fraught with errors. Enter Noyo, a San Francisco-based healthtech startup that is building the digital infrastructure to bring health insurance enrollment into the modern era. Noyo replaces today’s manual data entry and cumbersome legacy systems with a powerful API platform that enables faster, more accurate data exchange between health insurance platforms and their carrier partners. Noyo provides an application program interface (API) platform that improves the speed and accuracy of health insurance data exchange,
Today, Noyo announced it has closed $12.5M in Series A funding from Costanoa Ventures and Spark Capital, with continued support from early investors including Homebrew, Fika Ventures, Precursor Ventures, Core Innovation Capital, Garuda Ventures, and Webb Investment Network.
Noyo will use the funding proceeds to support the entire insurance lifecycle from start to finish, with APIs for everything from price quotes through member enrollment. In conjunction with the funding, Noyo also announced new partnerships with leading insurance carriers Humana and Ameritas, aimed at improving the overall consumer experience by enabling seamless and secure data connections to enroll members faster and eliminate coverage-impacting errors.
Founded in 2017 by CEO Shannon Goggin and Dennis Lee, Noyo was born out of Lee and Goggin’s frustrations with the technology solutions available to them when the two were working at Zenefits. Noyo’s mission is to make healthcare easy to access and easy to understand, empowering people with the tools and knowledge they need to make the best choice for their own care. The startup is building the modern health insurance infrastructure, providing the best in class technology to connect online insurance platforms.
“Noyo is doing something totally new and exciting in our space, and we’re confident that better industry connections will lead to a great health insurance experience,” says Gary Davis, Humana’s National Leader for General Agents, Digital Initiatives, & Small Business Sales. “We have already seen how working with Noyo drives down enrollment costs and improves speed and accuracy at a critical time for Americans needing health insurance coverage.”
“The age of connected health insurance is here,” says Shannon Goggin, CEO, and co-founder of Noyo. “It should be simple for someone heading to the doctor to confirm, right on their phone, that they are covered for the visit. Someone considering a new job offer should be able to factor in how the benefits package meets their needs. Noyo works every day to make those experiences possible — we take care of the technology under the hood so software teams can stay focused on building the tools people deserve.”