Health insurer Humana has invested $20m in US-based healthcare concierge platform Accolade in connection with the expansion of a partnership agreement originally struck in March this year.
Founded in 2007, Accolade has created an online platform intended to guide both employers and employees through health and benefits resources, letting them identify the most suitable policy from a single interface.
The product combines machine learning and big data technologies with assistance from human advisers and clinical experts.
Accolade and Humana’s existing deal involved the two integrating their respective capabilities to build a healthcare and benefits offering called Humana with Accolade. They plan to now improve this service to target a wider range of fully-insured and self-funded healthcare prospects and clients.
The joint offering will also be made available in additional markets throughout 2020 and beyond, with the capital going towards recruiting the staff needed for product and market expansion.
Accolade has raised $194m in equity and debt financing altogether. McKesson Ventures, the corporate venturing division of pharmaceuticals distributor McKesson, co-led a $50m round for the company in April 2018 with Andreessen Horowitz, Carrick Capital Partners and Madrona Venture Group.
Cross Creek Advisors and Madera Technology Partners also participated in the April 2018 round, which followed a $70m series E in 2016 led by Andreessen Horowitz that included Madrona Venture Group and undisclosed additional backers.
McKesson Ventures previously contributed to a $22.5m round in 2015 alongside an unnamed subsidiary of health insurance provider Independence Health.
Accolade’s earlier backers include mass media group Comcast, which first invested through now shuttered corporate venturing unit Comcast Interactive Capital, as well as Oak Hill Capital Partners and Accretive Health, the healthcare revenue manager now known as R1 RCM.
