Buoy Health, a US-based online healthcare navigation platform spun out of Harvard University’s Harvard Innovation Labs, has raised $37.5m in a series C round co-led by health insurers Cigna and Humana.
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. Cigna participated through its Cigna Ventures unit.
Founded in 2014, 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 spinout 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.
Andrew Le, co-founder and chief executive of Buoy Health, said: “We are honoured by the continued support and commitment in Buoy from many of the industry’s most influential insurers and are proud to be working with a group of investors that truly believe in our mission to make healthcare more personalized and convenient.
“Buoy was founded on the idea that turning to the internet for answers when you are sick can be overwhelming, confusing and inefficient. I am proud of the work we have done to help more than 9 million individuals make more informed decisions for their health, and the tools we have built to help consumers and employers navigate covid-19.
“From the moment an individual has questions about their health, to ensuring they get the support they need as they seek care, Buoy will serve as the sidewalk to every possible front door of care, navigating the individual through their healthcare journey.”
– Feature image courtesy of Buoy Health. A version of this article first appeared on our sister site, Global Corporate Venturing.

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.”