Health IQ, which rewards healthy living with lower rates on insurance, has closed its Series D round on $55m.
The capital injection was jointly led by Greenspring Associates, Aquiline Technology Growth, and Hanwha Asset Management. Other commitments came from previous Health IQ backers including Andreessen Horowitz, and others.
Following the close of the round, the company plans on expanding its special rates it offers and provide new ways of rewarding healthy lifestyles. The company also hopes to grow its operations in in Californian based offices.
Health IQ combines data around a consumer’s current health, their health literacy and how active of a lifestyle they have, in order to provide better insurance rates. Through the company, a consumer can access policies for life insurance, life insurance for diabetics and disability insurance.
The InsurTech has witnessed strong growth, having reached $21bn in client coverage and adding an additional $2bn every few weeks, it claims. The company previously raised $34m in 2017, and since then, it has tripled its coverage.
Aquiline Technology Growth partner Max Chee said, “What drew us to Health IQ was its data advantage. This is an insurance company that is using science and data to more accurately price insurance for its clients. We believe the next generation of insurance will be this form of accurate pricing. We call this new trend ‘Precision Insurance.”
The close of the round brings Health IQ’s total equity raised to $139.5m, with an investor group including Charles River Ventures, First Round Capital, Greylock Partners, Menlo Ventures and Ribbit Capital, and others.
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