The healthcare navigation software provider closed a $37.5m round co-led by Cigna Ventures and Humana and backed by Optum Ventures.

Health insurance providers Cigna and Humana have co-led a $37.5m series C round for Buoy Health, the US-based creator of an online healthcare navigation platform.

The round included Optum Ventures, the corporate venturing arm of healthcare and pharmacy services provider Optum, as well as WR Hambrecht + Co and Trustbridge Partners, while Cigna participated through its Cigna Ventures unit.

Buoy Health’s software uses artificial intelligence to direct users to relevant care or instructions on how to deal with less risky conditions without needing to see a physician. The company, which was spun out of Harvard Innovation Labs, has now raised $66.5m altogether.

F-Prime Capital, a subsidiary of investment and financial services group Fidelity, led a $6.7m series A for Buoy Health in 2017 that included FundRx and various individual investors.

The company closed its series B round at $20m in January this year having received funding from Cigna Ventures, Humana, Optum Ventures, Prime Capital and Hambrecht Ducera Growth Ventures.

Tom Richards, global lead for strategy and business development at Cigna, said: “We remain focused on bringing highest value solutions that connect customers to the right care, at the right place, at the right time.

“Buoy’s ‘first-step’ digital actions that triage symptoms and provide next steps for care do just that. Since the start of covid-19, we have been able to support up to 140,000 covid assessments and look forward to continuing our partnership to help employers manage safe returns to the office.”

Robert Lavine

Robert Lavine is special features editor for Global Venturing.