Nayya AI Raises $11M Series A led by Felicis Ventures [Wiggers/VentureBeat]
Nayya has recently raised over $11 million in Series A funding in a round led by Felicis Ventures, as reported by Kyle Wiggers on VentureBeat.
Key Takes:
- Nayya AI raised $11 million in Series A funding led by Felicis Ventures and other investors
- Nayya provides personalized healthcare plans to employees using AI and data analysis
- The funding will be used to improve the platform’s products and services
- Nayya claims to have saved over $1300 per employee per year
Nayya is an employee and insurance benefits platform that provides customized healthcare offers. In January 2021, Nayya made a public announcement stating that the company has successfully raised series A funding of $11 million, led by Felicis Ventures. According to Nayya, the latest funding will be used towards hiring new talent and research to improve the platform’s products and services.
The series A funding round led by Felicis Ventures was participated by Cameron Ventures, Social Leverage, and Unum Business Ventures.
According to a report published by Jellyvision, 49% of the employees in the United States find the decision of choosing the right health insurance “very stressful,” while 41% think that the benefits and insurance selection process their employer is offering is “confusing.” The remaining 20% reported that they “regretted” the healthcare benefits plan they chose, due to confusion in the system. [Nayya AI Series Felicis VenturesWiggersVentureBeat]
Nayya Solves the Problem
Yep, Nayya takes care of this stressful and confusing process for you. Based on decisions and personalized needs, the employees who register with Nayya are provided with the most beneficial and cost-effective healthcare plan.
Founded by Akash Magoon and Sina Chehrazi in 2019, Nayya provided customized recommendations for medical insurance plans for employees. It also takes into account the risks and other significant factors such as finances while suggesting insurance plans.
To do so, the employees while registering with Nayya are asked to fill out a form and answer questions about their location, job type, salary, and other important factors that play an important role while choosing an appropriate plan.
The latest funding of $11 million raised by Nayya in a series A round led by Felicis Ventures (and reported by Wiggers on VentureBeat) brings the NY-based company to a very good position. In total, Nayya has raised over $14 million.
Nayya, AI, and Data-Driven Suggestions
Recommending personalized healthcare plans in today’s digital and complex era is not an easy task. If you asked a human to do so, they would, but how about managing the decisions of millions of users? [Nayya AI Series Felicis VenturesWiggersVentureBeat]
For their services, Nayya uses AI and Data points (some 3 billion as they claim) to suggest the right plan for each of their users. Additionally, the platform takes into account around 120 million lines of claims data to help with decision-making. In the future, Nayya thinks that the platform will be asking fewer questions and use AI to find the data points about the employees and recommend solutions.
Other than insurance and health benefits plans, Nayya uses the data you’ve given to the platform to suggest some do’s and don’ts in order to save even more when it comes to healthcare. Nayya claims to have saved over $1300 per annum for each employee registered on the platform.
Sina Chehrazi (CEO Nayya) on Nayya and the Investment
“Selecting the right insurance can be a difficult and costly process, particularly with added concerns and health risks brought on by the pandemic…
Our investors recognize the power behind Nayya’s technology to harness the massive proliferation of data produced across the healthcare and insurance industries. It’s data that Nayya leverages to highlight and manage plans that best match individual needs, at the same time, putting dollars back into American households at the time they need it most.” [Nayya AI Series Felicis VenturesWiggersvVentureBeat]
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