InsurTech startup Noyo secures $12.5m in its Series A

Noyo, health insurance data exchange platform, has scored $12.5m in its Series A funding round that was backed by Costanoa Ventures and Spark Capital.

Other participants included previous Noyo backers Homebrew, Fika Ventures, Precursor Ventures, Core Innovation Capital, Garuda Ventures and Webb Investment Network.

With the close of the round, the company will increase development of its technology to support the entire insurance lifecycle, with APIs available for everything from price quotes through to member enrolment.

In addition to the close of the investment, the company has formed partnerships with insurance carriers Humana and Ameritas. These are aimed at improving the overall consumer experience through seamless and secure data connections to enrol members quicker and reduce coverage-impacting errors.

The InsurTech is a digital infrastructure platform for the health insurance space. It supports accurate data exchange between health insurance carriers and benefits software to improve consumer experience and lower error occurrence.

Noyo CEO and co-founder Shannon Goggin said, “The age of connected health insurance is here. 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.”

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