Picwell, a Philadelphia, PA- and Washington, DC-based provider of predictive recommendation engine for health plan selection, closed a $3m extension of its Series A round of funding.
Backers included BlueCross BlueShield Venture Partners and the Sandbox Advantage Fund. This funding follows a recent $4m Series A round led by MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Company (MassMutual) and executives in the healthcare industry.
The company intends to use the funds to further extend its product offerings, build out its ancillary and voluntary offerings, enhance its core enterprise products, and expand its marketing and sales efforts.
Led by Jay Silverstein, CEO, Picwell provides employers, brokers, carriers, healthcare exchanges and benefits providers with a predictive recommendation engine that enables consumers to select their health plan.
It utilizes proprietary algorithms, Big Data, machine learning and behavioral economics to organize and analyze the more than 900,000 variables that affect plan selection and narrow it to the top plans for each individual.