Numerous innovations have come out of the woodwork in recent years in a collective effort to improve the U.S. healthcare system. While telehealth offerings can be useful, those who actually get to benefit from these solutions are often limited because their healthcare plan doesn’t cover specialty services. As access to healthcare in our country hinges on insurance, Angle Health hopes to democratize access to modern care services with a fresh round of capital for its insurtech solution.
Angle Health announced Wednesday that it raised $58 million. The raise consists of a previously unannounced $21 million Series A round, a $10 million debt facility and a $27 million Series A-1 led by Portage.
Serving employers, brokers and employee plan members, Angle Health offers a full-stack solution for health insurance. The artificial intelligence-enabled solution consists of tools for getting quotes as well as member onboarding and open enrollment. Its customizable solution allows businesses to create healthcare benefit plans that suit their particular company.
The idea for Angle Health arose from the founders’ own frustrations with personal health insurance. Angle Health’s co-founder and CEO Ty Wang’s parents immigrated to the U.S. more than three decades ago. As they both needed to work constantly, they often had trouble making the time to attend in-person doctor appointments and could have benefitted from a virtual alternative had it been available to them.
“Today, there’s all these very convenient, much more accessible services around things like telemedicine [and] chronic disease management programs that are app-based or digital, but those are still highly inaccessible to the vast majority people that can use them because of the way that they’re distributed,” Wang told Built In. “They’re not really tied into core coverage and benefits through something like your health plan, which is the way the vast majority of Americans access and pay for healthcare.”
Having worked together as engineers at Palantir Technologies, Wang and his co-founder Anirban Gangopadhyay caught a glimpse of why accessing healthcare benefits tends to be so disconnected for members. Large organizations typically contract for various digital health services separately to offer employees benefits, creating a rather fragmented benefits ecosystem, Wang said.
Wang and Gangopadhyay came together to launch Angle Health in 2021.
In addition to the company’s AI-enabled offerings and customizable solution, Angle Health also provides a mobile app where members can gather info about billing, benefits and provider recommendations and access a 24/7 telemedicine service. To date, the insurtech company says it covers tens of thousands of members.
“What we’re building is not just a health insurance company, but really a health [or] well-being company where we are that go-to resource for our customers,” Wang said. “We see ourselves as that … one cohesive platform that is able to provide [people] with an experience that really addresses their needs and provides very proactive healthcare so that it’s super easy to for everyone to stay healthy [and] to get access to the right care when they need it.”
The company’s latest funding round follows a period of growth for Angle Health. It recently expanded its services into Arizona, Georgia, Indiana, Ohio, Missouri and South Carolina. Up next, the Bay Area-based company will build out its presence even further. It plans to operate in another six to 10 markets over the new few months.
Additionally, Angle Health will invest capital into advancing its platform’s infrastructure and expanding its team. The company is hiring across several teams with a focus on its product organization. The approximately 40-person team is on the lookout for engineers, product managers, data scientists and more.
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