Noyo, a San Francisco, CA-based API platform for improving the speed and accuracy of health insurance data exchange, closed a $12.5M Series A funding.
Backers included Costanoa Ventures and Spark Capital, as well as early investors Homebrew, Fika Ventures, Precursor Ventures, Core Innovation Capital, Garuda Ventures and Webb Investment Network.
The company intends to use the funds to grow the team, expand the product portfolio and new connections with benefits platforms and insurance carriers.
Led by Shannon Goggin, CEO and co-founder, Noyo is a digital infrastructure platform for the health insurance industry. Its secure API platform connects with, and can be customized to, both legacy systems and newer models of distribution industry-wide.
The company also announced new partnerships with insurance carriers Humana and Ameritas, aimed at improving the overall consumer experience by enabling secure data connections to enroll members faster and eliminate coverage-impacting errors.