Clover Health, a San Francisco, CA-based health insurtech startup, raised $130m in venture capital funding.
Backers in the round, which valued the company at $1.2 billion, included GV, Palm Drive Capital, Western Technology Investment and existing investors Greenoaks Capital Management, Sequoia Capital and First Round Capital.
The company will use the additional funds to continue to expand operations to operate in all of the states of the US.
Founded in 2014 by Vivek Garipalli and Kris Gale, Clover Health has developed a health insurance data and analytics platform that uses continuous, real-time monitoring to delivers a lower cost, improved experience for its members, prevent hospital admissions, reduce avoidable spending, and identify and manage chronic diseases. To this end, the company organizes disparate sources of data, such as lab results, prescriptions and EMRs, to identify potential risks to take a proactive role in care management.