US-based healthcare technology services provider NextHealth Technologies has secured $17m in a series B round that included health insurance provider Blue Cross of Idaho.
The round was led by TT Capital Partners, the healthcare-focused investment unit of merchant bank TripleTree, and also featured venture capital firm Norwest Venture Partners (NVP).
Founded in 2013, NextHealth provides an artificial intelligence-based software platform that analyses healthcare data in order to provide insights that help improve the cost and quality of health plans.
The platform applies the technology to membership, demographic and lifestyle data to identify high-cost members of healthcare plans. It then offers those users information detailing how they could save money through cheaper alternatives such as urgent care clinics.
The series B proceeds will fund new product enhancements, including the onboarding of new sources of data.
NextHealth had previously raised $8.5m in a 2016 series A round led by NVP, a year after Point B Capital led its $1m seed round, participating alongside angel investors James Bradley, Trace Devanny, Peter Everet and Daniel Spirek.