California-based Lumity has secured $19m in its Series B funding round led by DJF.
The investment round also saw participation from current investors Social+Capital Partnership and True Ventures.
Lumity helps companies to simplify health insurance programs and manage the plan designs. The client is given a benefit plan rate, based on the group’s health risk, and then there is a personalised enrolment to the plan.
Over the past year, Lumity’s revenue grew by 800 per cent, after its data insights helped optimise employee enrolment and company health insurance premiums, according to the company.
The company is increasing its benefit advisory, technical and back office teams.
Lumity co-founder and CEO Tariq Hilaly said, “Set against the backdrop of rising healthcare costs, an opaque healthcare system, confusing benefits choices, and poorly designed software experiences, employers and employees today are demanding the right tools and insights to make the best benefits choices for themselves and their families. Lumity’s proprietary algorithms and easy-to-use software bring the employee benefits experience into the modern era.”
Following the investment, DFJ partner Josh Stein will join the company’s board of directors.
With this new injection of capital, total funding raised by Lumity has reached around $32m, with its previous equity round coming in 2015.
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