Artemis Health Raises $8.3 Million Series A Round to Expand Benefits Optimization Platform
SALT LAKE CITY, UT - May 10, 2017 - Artemis Health Raises $8.3 Million Series A Round to Expand Benefits Optimization Platform
Platform Now Covers Over One Million Lives Across Several Dozen Large Employers
Artemis Health, a health data analytics company, raised $8.3 million in Series A funding to empower employers with needed transparency and insights into their benefits data in order to provide better benefits to its workforce. Maverick Ventures, a leading funder of health technology startups such as Castlight Health, Collective Health and One Medical Group, led the financing in late 2016.
Data is at the heart of business decision making, but employers struggle to access actionable, up-to-date data on what they spend on employee healthcare, said Grant Gordon, CEO of Artemis Health. Weve been busy putting this funding to work to grow our incredible team, reach more clients, make the Artemis Platform more powerful, and ensure that our customers can easily capture the value in their data. Were well-positioned to lead the complex work of reducing healthcare costs for employers and employees.
For most large, self-insured employers, approximately 30 percent of their healthcare dollars could be considered waste. These employers have traditionally turned to data warehouses to run complex, time-consuming and hard-to-understand reports. Artemis Health solves this problem and gives employers insight into their spending. The Artemis platform helps self-insured employers identify overspending and gaps in care, find solutions, and measure results to ensure that their employees get the best possible care at the best possible price.
Artemis Health launched in 2013 when founders Grant Gordon, Dallin Regehr and Dallen Allred saw a need for employer-facing data analytics software in a user-friendly package.
The funding round also added board member Ashok Subramanian, former co-founder and CEO of Liazon and the head of the Group Exchange business at Willis Towers Watson, to the
Artemis Health team.
We invested in Artemis because it gives benefit managers and brokers an elegant, easy-to-use platform that helps them identify areas of overspending, quickly take action, and evaluate the potential of future benefits offerings, said Ambar Bhattacharyya, Managing Director at Maverick Ventures, who has also recently joined the Artemis Board of Directors. Benefit managers are inundated with choice, and Artemis allows them to determine the ROI of the programs that are actually working. The reaction has been overwhelming; the customer satisfaction is off the charts.
Artemis Health now serves over 20 large employers with more than a million covered employees.
About Artemis Health
Artemis Health helps companies utilize their data to optimize their benefits programs while minimizing their spend. The Artemis Platform provides customers with actionable data on their benefits programs, opportunities and gaps, and easy-to-use tools to help them make great decisions.
By making it easy for self-insured employers to use their own benefits data, our mission is to help fix healthcare in America and ensure access to good healthcare everyone can afford. Based in Salt Lake City, Artemis Health works with dozens of employers nationwide including Intuit, GE Appliances and AAA. Discover more at www.artemishealth.com.
About Maverick Ventures
Maverick Capital is a global investment firm that has been investing in early stage companies for over 20 years. By working with Maverick Ventures, entrepreneurs get the best of both worlds - a focused, agile team of venture partners - and the resources, reputation and relationships of a multi-billion dollar fund. Maverick Ventures invests through an evergreen structure that allows it to support entrepreneurs for an indefinite time horizon. Learn more about Maverick Ventures at http://www.maverickventures.com/.