Amino Health, a healthcare navigation platform, announced it received $80 million in equity and debt financing led by Transformation Capital alongside Oxford Finance.
Transformation Capital joins existing investors WTI, Red Swan Ventures, North Woodmere Capital and Commerce Ventures.
Mike Dixon, managing partner at Transformation Capital, will join Amino’s board of directors.
WHAT IT DOES
Amino Health connects its members with physical and mental healthcare providers and benefits programs and provides cost and quality ratings for providers and facilities. The company also offers a platform that allows its members to book appointments and keep track of their favorite providers.
“This investment and financing validates our core belief that putting people first has value in healthcare, and the need for pioneering technology solutions that support this endeavor is not only important – it’s imperative. In a crowded, highly regulated market, this funding will fuel Amino’s continued growth, product innovation and ability to facilitate deep integrations with enterprise partners to support more patients at scale,” David Vivero, CEO and cofounder of Amino Health, said in a statement.
MARKET SNAPSHOT
Amino began as a direct-to-consumer platform, but has transitioned to an enterprise subscription model with members from health plans, benefits administrators, third-party administrators and care vendors.
Last June, the company announced it hired former Amazon, GE and Oracle executive Greg Born as chief growth officer. Born would focus on engaging new buyers, expanding market share and growing its member base.
In December, Amino announced the launch of a new functionality that allows members to search for covered services or products by CPT code or name. The new function would enable its platform to comply with the Transparency in Coverage Rule, aimed at providing consumers with more transparency around healthcare pricing information. The rule took effect in January of this year.
Other companies in the care-navigation space include San Francisco-based digital health platform Castlight Health and Accolade, which offers virtual healthcare alongside care and benefits navigation services.
