First Round is a seed-stage venture firm focused on building a vibrant community of technology entrepreneurs and companies, including Uber, Square, and Warby Parker. Through custom-built software, incredible in-person experiences, and a host of other unique services, First Round helps tiny companies get big while constantly reimagining the role of venture capital. It offers a growing number of services and products to help founders build companies from scratch. First Round has adopted the Diversity Term Sheet Rider.

First Round Capital

**Note:  CrunchBase does not maintain a complete list of the investments made by the Athyrium funds.  Please see our website at www.athyrium.com for a complete list of these investments.**  Athyrium Capital Management, LP (“Athyrium”) is a specialized asset management company formed in 2008 to focus on investment opportunities in the global healthcare sector.  Athyrium is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940.  The Athyrium team has substantial investment experience in the healthcare sector across a wide range of asset classes including public equity, private equity, fixed income, royalties, and other structured securities.  Athyrium invests across all healthcare verticals including biopharma, medical devices and products, and healthcare services. The team partners with management teams to implement creative financing solutions to companies’ capital needs.  Athyrium advises funds with over $1.7 billion of committed capital. We value our investors and are thankful for the trust they have placed in us. Our investors consist of public and corporate pension funds, charitable endowments, insurance companies, funds-of-funds, family offices, university endowments, and sovereign wealth funds.

Athyrium Capital Management LP

Sequoia is a venture capital focused on energy, financial, enterprise, healthcare, internet, and mobile startups. The firm helps a small number of daring founders build legendary companies. It spurs them to push the boundaries of what’s possible. The firm seeks to invest in all sectors with a focus on energy, financials and financial services, healthcare and healthcare services, Internet, mobile, outsourcing, and technology.

Sequoia Capital

Outlander VC invests in and mentors startups. Outlander VC makes seed stage and early stage investments in the technology, health care, software, and food tech sectors. Outlander VC supports market research and analysis.

Outlander Fund I Archimedes

Founded in 2015, Wildcat Venture Partners is a Silicon Valley-based venture capital firm that invests in early stage technology companies. Wildcat invests in B2B and B2B2C startups leveraging key technologies such as Machine Learning/AI, IoT, and Cloud & Mobility in the following markets: Digital Health, EdTech, Enterprise SaaS and FinTech. The Wildcat team brings decades of entrepreneurial experience, venture experience, and deep domain expertise to help early stage companies effectively navigate through the Traction Gap® and go on to scale. Wildcat’s current investment portfolio includes companies such as: Aceable, Amplero, C3.ai, Carrum Health, Clover Health, GreenFig, LeaseLock, Obo, Ritual, Tuition.io, Vlocity, what3words, and Zebit.

Wildcat Venture Partners

Bracket Capital is an alpha-driven global investment manager focused on high-growth, later-stage, technology-enabled companies. The company was founded in 2017 and is based in West Hollywood, California.

Bracket Capital

‍Greenoaks makes concentrated, long-term investments in generational teams building enduring companies. The firm invests behind exceptional leaders early in their journeys, building partnerships that endure for decades.

Greenoaks

Spark Capital is an early-stage venture capital firm that invests in exceptional products and the creative individuals behind them. Known for embracing risk and a unique approach, Spark Capital has backed companies like Twitter, Discord, Anthropic, Cruise, Niantic, Oculus, Warby Parker, and Tumblr. Recognizing that there are no set playbooks or formulas for success, the firm supports founders in achieving success on their own terms. Spark Capital invests across all sectors and stages, operating out of San Francisco, Boston, and New York City.

Spark Capital

Nexus Venture Partners is a venture capital firm that helps founders build product-focused companies. The firm actively partners with founders at inception, seed, or series-A stages and stays involved throughout the company's growth. With $2.6 billion in capital, Nexus invests mainly in enterprise software in the US and digitally-driven businesses in India.

Nexus Venture Partners

Vast Ventures they invest in consumer brands, AI and cloud software, and more.

Vast Ventures

Floodgate Fund is a venture capital firm that focuses on early stage investments in technology companies. It was founded in 2006 and is headquartered in Palo Alto, California.

Floodgate

Casdin Capital is a fundamental research investment firm focused on the life sciences and healthcare industry. It manages a long-short equity fund and makes investments in early-stage to late-stage private investments.  Casdin was launched in 2012 by founder and CIO Eli Casdin and as of October 2020 has approximately $2.2 billion in assets under management.

Casdin Capital

Summit Action Fund is an investment firm affiliated with the Summit Series community

Summit Action

AME Cloud Ventures focuses on seed to later stage companies building infrastructure and value chains around data. It specializes in technology-heavy companies gathering or creating unique data at every stage of the data stack — from infrastructure all the way to applications, mobile, and sensors.  It strives to find, fund, and support true entrepreneurs. The firm provides a unique and genuine set of resources to our founding teams, from strong operational and business experience to networks of amazing mentors and international partners, particularly in China. AME Cloud Ventures is the venture fund led by Jerry Yang, co-founder of Yahoo!

AME Cloud Ventures

Social Capital is a Menlo Park-based investment firm whose mission is to advance humanity by solving the world’s hardest problems. By harnessing technology to address core human needs, they aim to drive a bottom-up redistribution of power, capital and opportunity. To achieve this, they're building a new kind of company and a platform for empowering brilliant entrepreneurs and breakthrough products. Founded in 2011, the company is based in Menlo Park, California, United States.

Social Capital

Refactor is a seed-stage VC firm investing in bio, climate, and hard tech startups. Refactor leads or co-leads seed and pre-seed rounds with $1-2M checks.

Refactor

Western Technology Investment is a venture capital firm that specializes in offering acquisition financing to revenue-generating firms. The firm provides debt and lease financing to venture capital backed technology companies.

Western Technology Investment

Google Ventures invests in sectors including life sciences, consumer, enterprise, crypto, climate, and frontier technology. With Alphabet as its sole limited partner, Google Ventures focuses on long-term investments. Its operating partners assist startups in design, equity, diversity & inclusion, talent, and engineering and help them connect with Google for technology and expertise. Founded in 2009 as Google Ventures, Google Ventures manages over $8 billion in assets with 400 active portfolio companies in North America and Europe. Some notable investments include Uber, Nest, Slack, GitLab, and One Medical. Google Ventures is based in the San Francisco Bay Area with offices in Cambridge, New York, and London.

Google Ventures

Lifeforce Capital invests in digital health companies enabling new care delivery models or more efficient therapeutic development. Lifeforce Capital is headquartered in San Francisco, California.

Lifeforce Capital

We’ve partnered with entrepreneurs globally who have created technology firms with over one trillion dollars of combined market cap to help you grow your business.

Palm Drive Capital

Expanding Capital is a venture capital firm focused on fast-growing US companies where can assist them in unlocking their full potential and developing new markets. It is based in San Francisco, California, USA.

Expanding Capital

DNA Capital is an investment partnership specializing in multi-stage investments in the healthcare sector, ranging from early stage companies to private equity. Our mission is to invest in and provide strategic value to the best companies and founding teams in healthcare. Our team is multidisciplinary, deeply rooted in healthcare and passionate about finding and helping the best companies to thrive. DNA Capital was founded in 2013 and is part of one of the world's leading healthcare groups. We invest globally from our offices located in São Paulo, Brazil and San Francisco, California.

DNA Capital

Veronorte is a Latin American investment management firm dedicated to investing in early and growth stage companies in the Americas. We add value to our portfolio companies by offering the possibility to partner with our corporate investors, by facilitating commercial relations, providing regional insights and strategic support to penetrate new markets in the Latin American region. Our current corporate investors include Grupo SURA, Grupo Argos and Grupo Nutresa. We are active investors in companies capable of generating substantial changes in healthcare, financial services, insurance, construction, mobility, infrastructure, energy, food and nutrition.

Veronorte

Clover Health

Pet ownership is at an all time high in the United States and the pet care economy is booming.

Pet Care Tech

<div>
 
 Wagmo is a pet insurance and wellness services provider for dogs and cats, accessible via mobile app and online portal. Its insurance coverage includes emergency care and unforeseen expenses such as surgeries, x-rays, lab tests, prescription medications, and cancer treatments. Its insurance policies are provided through three deductible options: USD 250, USD 500 and USD 1,000, and it claims to pay 100% of the bills after deductibles up to a pet&rsquo;s lifeline limit of USD 100,000. It also has a limit of USD 10,000 per incident.
 
 
 Additionally, Wagmo's Wellness Program offers reimbursements for vaccinations, grooming, regular vet visits, fecal tests, and bloodwork. The program starts at USD 20, USD 36, or USD 59 per month, with corresponding annual reimbursement amounts of USD 350, USD 650, and USD 1,100 respectively. Notably, customers can access the wellness services even without an insurance plan, providing flexibility to add insurance coverage in the future as needed. Wagmo ensures speedy reimbursement by processing claims within 24 hours through Venmo, PayPal, or direct deposits.
 
 
 Key customers and partnerships&nbsp;
 
 
 Wagmo&rsquo;s pet insurance policies are underwritten by National Specialty Insurance Company.
 
 
 Funding and financials
 
 
 In January 2024, the company received an undisclosed investment from Erie Strategic Ventures. Previously, in 
 <a href="https://sp-edge.com/updates/21435">
 August 2023,
 </a>
 the company raised USD 8.9 million in an undisclosed round of funding. The round followed its USD 12.5 million Series A funding, led by Revolution Ventures, in July 2021. It had planned to use the funds to improve its product offering, expand its partnerships, and for hiring.
 
</div>

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience

InsurTech: Personal Lines

Wagmo offers pet (dogs and cats) insurance along with a wellness service via a mobile app and online portal. Wagmo Insurance covers emergency care and unexpected expenses such as surgeries, x-rays, lab tests, prescription medications, and cancer treatments. Its insurance policies are provided through three deductible options: USD 250, USD 500 and USD 1,000, and it claims to pay 100% of the bills after deductibles up to a pet’s lifeline limit of USD 100,000. It also has a limit of USD 10,000 per incident.Wagmo’s Wellness Program reimburses vaccinations, grooming, regular vet visits, fecal tests, and bloodwork. The services start at USD 20, USD 36 or USD 59 per month, and customers will be eligible for reimbursements of USD 350, USD 650, and USD 1,100 per year, respectively. The company offers wellness services even without an insurance plan, allowing users the flexibility to purchase policies in the future when the need arises. In addition, the company reimburses any claims within 24 hours via Venmo, PayPal, or direct deposits.Key customers and partnershipsWagmo’s pet insurance policies are underwritten by National Specialty Insurance Company.Funding and financialsIn July 2021, Wagmo raised USD 12.5 million in Series A funding, led by&nbsp;Revolution Ventures. It had planned to utilize the funds to improve its product offerings and expand its partnerships and for recruitment. Furthermore, the company secured an <a href="https://sp-edge.com/updates/21286">additional USD 8.9 million</a> in an undisclosed funding round in August 2023.

Wagmo operates a pet wellness platform that offers pet insurance and routine care. Its platform offers preventative care through reimbursements for routine expenses like exam fees, vaccinations, and flea, tick, and heartworm prevention by using veterinary data.

Clover Health is a provider of Medicare Advantage health plans to older Americans. The company operates a Preferred Provider Organization (PPO) platform to improve the quality of life of its members and physicians. Its platform utilizes patient-centered analytics and a dedicated care management team to identify potential risks and directly provide preventive care, thereby enabling patients and their health care providers to reduce avoidable spending as well as identify and manage chronic diseases. Clover uses sophisticated analytics and custom software to direct its own clinical staff to proactively fill in gaps in the care of its members.

<div>Clover Health is a healthcare company focused on serving Medicare Advantage members. The company leverages its proprietary software platform, the Clover Assistant, to aggregate and analyze patient data from across the healthcare ecosystem. This data-driven approach aims to support clinical decision-making and improve health outcomes for seniors.</div>

Clover Health Medicare Advantage & Part D

Clover Health touts membership growth after restructuring

Clover Health Reviews

Clover Health Reports First Quarter 2022 Financial Results

Automation in clinical diagnostics to improve speed and accuracy in patient diagnosis and treatment.

Clinical Decision Support Systems

<div>Clover Health is a technology-enabled Medicare Advantage insurer focused on improving healthcare for seniors. The company leverages its proprietary software platform, Clover Assistant, to provide personalized care for its members. This is used in both its insurance and non-insurance segments.</div>

Clover Health to Report Third Quarter 2024 Financial Results on November 6

Walmart

Partnering Clover Health on its first health insurance plans. They'll be open to half a million people across eight counties in Georgia. Members will get access to select Walmart Health centers, as well as in-network access to 31 hospitals and 8,000-plus providers.

Wagmo

Vestigo Ventures

Harlem Capital Partners

Flatiron Health

Female Founders Fund

Clocktower Technology Ventures

K50 Ventures

Everywhere Ventures

Kli Capital

Startups that offer innovative insurance solutions via digital platforms specialized for pet insurance coverage.

Genentech

Signed a deal with the health-insurance startup Clover Health, in which the companies will use Clover's data to better study eye diseases.

Software that provides a list of possible diseases based on data collected from patients. Platforms are only used for initial assessments.

<div>
 
 Clover Health is a technology-enabled Medicare Advantage insurer focused on improving healthcare for seniors. The company leverages its proprietary software platform, Clover Assistant, to provide personalized care for its members. This is used in both its insurance and non-insurance segments.
 
 
 Clover leverages Clover Assistant to provide Medicare-eligible seniors with Preferred Provider Organization (PPO) and Health Maintenance Organization (HMO) plans. The company aims to provide affordable, high-quality healthcare and offers its Medicare Advantage (MA) plan members some of the lowest average out-of-pocket costs for primary care provider (PCP) and specialist co-pays in their respective markets.
 
 
 Key customers and partnerships
 
 
 As of March 2024, Clover Health operated its MA plans in five states and 200 counties, with 79,527 members.
 
 
 Funding and financials
 
 
 Clover went public through a reverse merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company on October 6, 2020. The deal valued Clover at USD 3.7 billion and included up to USD 1.2 billion in cash proceeds.
 
 
 In 2023, the company reported revenue of USD 2.0 billion (down 42% YoY) and a net loss of USD 213.4 million compared with a loss of USD 339.6 million in 2022.
 
</div>

<div>
 
 Root Insurance is a full-stack insurance provider focusing on usage-based automobile insurance. The company offers a mobile app that collects data on driving speeds, braking patterns, and driving times using smartphone sensors, and applies artificial intelligence (AI) and predictive models to offer a personalized premium to the customer. The company claimed that the latest model utilizes double the proprietary data, demonstrating 17% greater predictive capabilities than the previous model. Moreover, the app incentivizes safe driving by providing greater insight into one&rsquo;s driving patterns and issuing additional discounts for improved driving behavior. Root allows customers to file claims directly through the mobile app. As of January 2024, Root held a carrier license in 48 states and offered automobile insurance in 31 states.
 
 In July 2019, Root launched its renters&rsquo; insurance product and expanded to homeowners insurance in May 2020. The homeowners&rsquo; insurance is provided through a partnership with Homesite Insurance, a Boston-based property and casualty insurer that will underwrite any homeowners insurance policies issued by Root. As of January 2024, the company&rsquo;s renters&rsquo; insurance product was available in 18 states.
 
 
 Key customers and partnerships
 
 
 Root had 259,522 policies in force as of September 2023.
 
 
 Root entered into a partnership with Carvana in July 2022, to offer usage-based auto insurance policies on the latter&rsquo;s used-car online platform.
 
 
 In addition, it had also collaborated with other players in the insurance space to optimize and digitize its insurance services.In January 2021, Root partnered with Tractable, a UK-based provider of AI-based solutions, to leverage its AI Subro solution to optimize Root&rsquo;s end-to-end claims process, starting with subrogation, where two insurance carriers negotiate the division of expenses when multiple parties are involved in a claim. It also partnered with CCC Intelligence Solutions in February 2023, to use its first-party casualty solution to streamline and digitize first- and third-party casualty claims through a single digital workflow.
 
 
 Funding and financials
 
 
 In October 2020, Root sold 26.8 million shares in its initial public offering (IPO), raising USD 724.4 million in the process at a valuation of USD 6.8 billion. In 
 <a href="https://sp-edge.com/updates/8089">
 January 2022
 </a>
 , Root received a five-year term loan of USD 300 million from BlackRock Financial Management (BlackRock) to extend its debt maturity and improve its liquidity position.
 
 
 For the full year of 2022, Root reported total revenue of USD 310.8 million (down 10.0% YoY), while its net losses improved to USD 297.7 million from a loss of USD 521.1 million in 2021. Its gross loss ratio improved to 82.1% from 86.0% in 2021.
 
</div>

Root Insurance

<div>
 
 Hippo is a digital homeowner insurance provider. The company offers its homeowner policies online, with each policy accompanied by a complementary smart home monitoring system that will help identify risks proactively. It provides coverage using a combination of machine learning, satellite imagery, and other public records and actively reviews for any changes to the property overtime.
 
 
 Hippo also provides home insurance to buyers of newly built homes that is directly integrated to the digital mortgage and title process through its Builders business. Further, it launched 
 <a href="https://sp-edge.com/updates/16051">
 Hippo Builder Insurance Agency (HBIA)
 </a>
 in January 2023, to allow builders of all sizes to partner with HBIA to send leads of homeowners in return for a fee.
 
 
 The company also offers an on-demand homecare and maintenance app (Hippo Homecare) which it launched in 2019 following the acquisition of Sheltr, a home maintenance platform, during the same year. It also launched &ldquo;Book a Pro'' feature within its mobile app in Q4 2022, which allows homeowners based in Texas to connect to home improvement professionals as well as message its Hippo&rsquo;s own home care experts to get advice. Hippo also plans to roll-out this feature to other states in the future.
 
 
 In June 2020, Hippo entered into an agreement to acquire long-time insurance partner Spinnaker Insurance Company, which is a property and casualty insurer registered in all 50 states, for an undisclosed amount. The acquisition was expected to help the company expand its geographical reach. The company&rsquo;s homeowner offering was available in 40 states as of January 2023.
 
 
 Key customers and partnerships
 
 
 Hippo had 332,000 customers as of September 2022, and it claimed nearly 75% of its new customers were Gen B.
 
 
 The company partnered with property and casualty risk intelligence company, 
 <a href="https://sp-edge.com/updates/17629">
 Opterrix in April 2023
 </a>
 , to leverage its real-time data on severe weather events to identify at-risk policyholders and improve its claims management capabilities.
 
 
 Funding and financials
 
 
 In November 2020, Hippo raised USD 350 million from Mitsui Sumitomo Insurance company. The company expects to use this funding to support its national expansion plans and also evaluate acquisition opportunities to grow inorganically.
 
 
 For FY2022, the company recorded total generated premiums of USD 811.1 million, which was up 33.8% YoY. Its gross loss ratio improved 62 percentage points to 76% during the year, while its net loss improved 10.2% YoY to USD 333.4 million.
 
</div>

Hippo Insurance

Clearcover is a fully digital automobile insurance provider that offers insurance coverage and claims filing using online channels along with other value-added services such as roadside assistance. The company leverages AI and machine learning models to provide personalized pricing to its customers and validate claims. The company states that it can handle 96% of all claims virtually. Clearcover also launched a <a href="https://sp-edge.com/updates/27767">GenAI-powered claims intake tool</a> to navigate a conversation-driven experience after First Notice of Loss (FNOL) to collect information about an accident. The tool available through its mobile app includes a claims assistant and a real-time customer question resolution feature. It plans to incorporate the tool into its agent portal and website in the future.Clearcover also uses an application programming interface (API) to offer embedded car insurance. This powers <a href="https://sp-edge.com/updates/21232">Choice, </a>an end-to-end embedded auto insurance solution that allows brands to provide auto insurance policy options from various carriers to their customers.As of January 2024, Clearcover offered its policies in 19 states in the US.&nbsp;For FY2022, the company generated total direct premiums written of USD 140.7 million (up 79% YoY) and recorded USD 61.4 million in net premiums earned. Its net losses amounted to USD 38.7 million for the year, while its loss ratio and combined loss ratios stood at 115% and 158%, respectively.Key customers and partnershipsClearcover partnered with claims management solution vendor Snapsheet (May 2020) to fully digitize its own claims function from First Notification of Losses (FNOLs) to disbursements. It also partnered with ServiceUp (<a href="https://sp-edge.com/updates/32888">April 2024</a>), a technology company specializing in automotive repairs, to improve the car repair experience for insurance claims.Moreover, it collaborated with Experian to offer car insurance on the latter’s insurance comparison site (<a href="https://sp-edge.com/updates/18045">April 2023</a>). This was part of Clearcover’s strategy to expand its distribution channels.

Clearcover

<div>
 
 Kin offers digital homeowners insurance with personalized policies featuring premiums determined based on an assessment of the property that includes more than 10,000 data points from sources such as property records, government records, and satellite imagery.&nbsp;
 
 
 The company launched its insurance carrier, the Kin Interinsurance Network, in 2019, which operates as a reciprocal exchange (a form of insurance where underwriting profits are shared with customers). As of May 2024, it had a presence in Alabama, Arizona, Florida, Georgia, Louisiana, Mississippi, South Carolina, Virginia, and Texas.
 
 
 In December 2021, Kin acquired an inactive insurance carrier with licenses in 43 states. This acquisition was part of Kin's plan to expand its operations to most US states.
 
 
 Key customers and partnerships
 
 
 As of February 2024, it served over 115,000 policyholders.
 
 
 The company has partnered with Kangaroo, a smart home tech provider, to offer its customers free home security solutions. Additionally, it has collaborated with Cape Analytics, a property analytics provider that utilizes geospatial imagery for property intelligence, and Snapsheet, a claims management platform provider, to automate their internal processes.
 
 
 Funding and financials
 
 
 Kin Insurance was set to go public through a merger with Omnichannel Acquisition Corp., a special-purpose acquisition company (SPAC) in a transaction that valued the company at over USD 1 billion. However, this was terminated in January 2022, citing unfavorable market conditions.&nbsp;&nbsp;
 
 
 In February 2024, the company received USD 15 million 
 <a href="https://sp-edge.com/updates/26317">
 investment
 </a>
 from Activate Capital, with the funds earmarked to accelerate growth by expanding into new markets and developing new products.
 
 
 Kin Insurance recorded gross written premium (GWP) of USD 344.1 million in 2023 (up 50.7% YoY), and generated operating income of USD 5.0 million compared to an operating loss of USD 11.6 million in the prior year.
 
 
 
</div>

Kin Insurance

Ladder is a startup that provides personalized term life insurance online, with coverage ranging from USD 100,000 to USD 8 million. The company uses multiple publicly available data points to determine a customer’s eligibility and in most cases does not require a medical checkup. Ladder provides a home visit medical test for free if required. Ladder’s dynamic approach to life insurance allows policyholders to increase or decrease insurance coverage based on changing life circumstances. Ladder also provides an application programming interface (API) which allows onboarded partners such as other insurance companies, investment firms, and lenders to issue policies from Ladder digitally. The company is licensed to operate in all 50 states. More than 80% of its customers represented first time insurance buyers.Key customers and partnershipsThe company sells its own life insurance policies in California through its carrier, Ladder Life Insurance Company. In New York policies are underwritten by Allianz Life Insurance, and in all other states by Fidelity Security Life Insurance, Amica Life Insurance Company, Lincoln Financial and USA LIfe Insurance.Ladder had collaborated with many financial service institutions to extend its product offering. It partnered with <a href="https://sp-edge.com/updates/25889">Envestnet | MoneyGuide</a>, AmeriSave Mortgage, and Halo Investing, to deliver its digital life insurance to customers through the advisors of the latter.Funding and financialsIn October 2021, the company raised USD 100 million in Series D funding co-led by Thomvest Ventures and OMERS Growth Equity, at a valuation of USD 900 million. The new funds will be directed towards further developing its products and expanding its workforce. As of the same date, the company also reported that its revenue grew by over 4x year-over-year (YoY).

Ladder

Startups in the automobile insurance space, predominantly providing usage-based insurance using telematics devices and/or smartphone sensors.

Startups that offer homeowners and renters insurance using artificial intelligence (AI) and smart home devices to issue policies and validate claims.

Startups that provide life insurance through digital channels personalized to an individual’s circumstances and replacing traditional practices, such as medical tests, with data-driven underwriting.

Companies that offer personal line covers for travel and pets through digital channels and use technologies such as flight tracking and online claims processing.

Providers of comparison websites and tools for carriers, agents, and consumers to compare and purchase policies.

Companies that provide personalized health insurance to consumers via digital channels and use technology such as wearable medical devices to monitor health and improve user experience and underwriting.

Companies that offer digital-only insurance for personal belongings (bicycles, mobile phones, laptops, and cameras), providing protection against theft, loss, or damage, with financial reimbursement or replacement.

IoTs used to proactively mitigate risks and offer usage-based insurance

Used for underwriting and claims; infrastructure providers offer AI/ML products to traditional insurers

Uses personal data to underwrite and price personalized policies such as usage-based insurance for vehicles

Limited number of life insurers use genetic/epigenetics to underwrite life insurance

<div>
 
 Clover Health is a healthcare company focused on serving Medicare Advantage members. The company leverages its proprietary software platform, the Clover Assistant, to aggregate and analyze patient data from across the healthcare ecosystem. This data-driven approach aims to support clinical decision-making and improve health outcomes for seniors.
 
 
 
 
 Clover Health operates in two segments: Insurance and Non-Insurance. Through its Insurance segment, the company provides PPO and HMO plans to Medicare Advantage members across several states. As of March 2022, Clover Health had approximately 257,000 lives under its management, a significant increase from around 66,000 lives in the first quarter of 2021.
 
 
 
 
 The Clover Assistant is a key component of Clover Health's strategy. This software platform is designed to provide physicians with relevant patient information to facilitate coordinated care. The company reported that in 2021, its Insurance members whose primary care providers (PCPs) utilized the Clover Assistant had a significantly lower medical care ratio (MCR) compared to members whose PCPs did not use the platform.
 
 
 
 
 In its Non-Insurance segment, Clover Health participates in the Centers for Medicare &amp; Medicaid Services' (CMS) Direct Contracting model, which will transition to the ACO Reach model in 2023. This segment involves aligning with Original Medicare beneficiaries through provider attribution or voluntary alignment.
 
 
 
 
 For the full year 2022, Clover Health expected total revenues to range from USD 3.0 billion to USD 3.4 billion, including projected Insurance revenue of USD 1.0 billion to USD 1.1 billion and Non-Insurance revenue of USD 2.0 billion to USD 2.3 billion. The company also anticipated an improvement in its Insurance MCR, falling within the range of 95% to 99%, driven by operational efficiencies, increased risk scores, and lower Covid-19 costs.
 
 
 
</div>

Digital Diagnostics is a healthcare technology company that develops artificial intelligence (AI) systems for disease diagnosis by analyzing medical images. The company's flagship product, LumineticsCore (formerly known as IDx-DR), is an FDA-cleared autonomous AI system designed to detect diabetic retinopathy and diabetic macular edema during a patient encounter without needing a physician to interpret the images. LumineticsCore increases patient access to care by providing diagnostic results at the point-of-care, eliminating the need for an additional appointment for most patients. This enables healthcare providers to close the gap in eye exams for diabetes care by offering a specialty-level diagnostic exam where the patient receives care.
Digital Diagnostics has also developed DermSpot, an AI system for detecting certain types of skin cancer, which is currently for investigational use only. The company aims to create AI diagnostic solutions that improve patient outcomes, increase healthcare productivity, and enhance accessibility and affordability of care. In April 2023, Digital Diagnostics expanded LumineticsCore to Labcorp patient service centers in Alabama.
Key customers and partnerships
In 2022, Digital Diagnostics signed a long-term strategic partnership with Baxter International to help front-line care providers deliver high-quality care and improve outcomes. The company also partnered with ArchWell Health to bring LumineticsCore to ArchWell Health centers across the US.
Additionally, Digital Diagnostics entered into a memorandum of understanding with the Kingdom of Saudi Arabia's Ministry of Investment in 2022 for international expansion.

Digital Diagnostics

Lunit is a leading provider of AI-powered solutions for cancer diagnostics and therapeutics. The company's flagship product, Lunit INSIGHT, is a suite of AI solutions for radiology that has been approved for commercial use in Europe and the UK through the MDR CE and UKCA certifications obtained in November 2022. The suite includes Lunit INSIGHT CXR for chest X-ray analysis and Lunit INSIGHT MMG for mammography analysis. Lunit INSIGHT CXR can detect 10 chest abnormalities, including pulmonary nodules and pneumothorax, with 97-99% accuracy, while Lunit INSIGHT MMG detects breast cancer with 96% accuracy.
After receiving FDA clearance, Lunit's solutions are clinically used in approximately 3,000 hospitals and medical institutions across 40 countries as of March 2024. In April 2024, a study published in European Radiology demonstrated that Lunit INSIGHT MMG could potentially reduce radiologists' workload by nearly 70% and boost cancer detection accuracy by 30.5%, showcasing its ability to enhance operational efficiency and improve patient outcomes.
In May 2024, Lunit completed the acquisition of Volpara Health Technologies, a New Zealand-based company offering software for early cancer detection, for USD 193 million. The acquisition aimed to strengthen Lunit's presence in the US market and leverage Volpara's robust repository of over 100 million medical images to develop innovative solutions for cancer diagnostics.
Key customers and partnerships
Lunit has established strategic partnerships to expand its reach and integrate its AI solutions into healthcare systems worldwide. In March 2024, the company signed supply contracts with Chung Shan Medical University in Taiwan and Gleneagles Hospital in Singapore to provide Lunit INSIGHT CXR and Lunit INSIGHT MMG, respectively. These collaborations aimed to enhance lung and breast cancer detection in the East and Southeast Asian regions.
In November 2023, Lunit partnered with NTT DATA Singapore to introduce Lunit INSIGHT CXR to Singapore's public healthcare system through the AimSG platform, a national medical imaging AI initiative. The solution was piloted at Singapore General Hospital and Changi General Hospital, two major public hospitals, to enhance the efficiency of chest screening and provide innovative medical services with improved accuracy.
Lunit has also collaborated with leading healthcare technology companies, such as GE healthcare, Fujifilm, Philips, and Guardant Health, to deploy its AI products and leverage their distribution networks.

Lunit

Lumeon is a digital health company that provides a cloud-based Care Orchestration platform designed to automate and streamline the care coordination process for healthcare providers. The platform leverages real-time, bi-directional data integration and applies dynamic clinical intelligence to ensure that patients receive the right care at the right time, every time.
Lumeon's Care Orchestration platform acts as a "care traffic control" center, synchronizing disparate data across the care continuum, orchestrating and automating care pathway activities, and delivering relevant information to care teams and patients. By automating routine tasks and workflows, the platform enables care teams to focus on providing direct patient care, working at the top of their licenses.
The platform integrates with electronic health records (EHRs) and other systems, creating a real-time synthetic patient record to inform care decisions. It visualizes care plans, virtualizes monitoring, and automates routine tasks, ultimately reducing manual intervention and associated costs for providers. The platform can be deployed enterprise-wide and applied across various use cases within a healthcare system.
Key features of Lumeon's Care Orchestration platform include real-time bi-directional data integration with EHRs and other systems, automation of care orchestration tasks and workflows, and the ability to present information through multiple modalities, including within EHRs, native interfaces, web portals, and mobile apps.
Lumeon's platform has been deployed by leading healthcare providers in the US and Europe across more than 2,000 care locations, delivering measurable results in as little as 90 days.

Lumeon

Proscia is a software company that develops digital and computational pathology solutions. Its flagship product, Concentriq, is an enterprise pathology platform that serves as a hub for digital pathology data and AI applications. Concentriq bridges the gap between anatomic pathology laboratories and life sciences organizations, enabling real-world pathology data to fuel innovation that enhances patient care.
The platform delivers an open environment to run a range of AI applications, including Proscia's proprietary algorithms and those developed by partners or customers. One such AI solution is DermAI, a dermatopathology module launched in June 2019 to assist laboratories in tasks like case prioritization, automated quality assurance, and enhanced technical component reporting.
In February 2024, Proscia received 510(k) clearance from the FDA for its Concentriq AP-Dx solution for primary diagnosis in clinical settings. This comprehensive diagnostic software streamlines collaboration and helps drive confidence and efficiency gains. As of December 2023, over 10,000 pathologists and scientists, including those at leading diagnostic laboratories and 14 of the top 20 pharmaceutical companies, used Proscia's solutions.
Furthermore, in December 2023, CellNetix Pathology & Laboratories announced a collaboration with Proscia to digitize a portion of its 1 million glass slides per year and adopt AI-powered digital pathology workflows.

Proscia

Platforms and software that generates alerts based on patient treatment and current status.

Platforms and software that monitor and track treatment plans of patients, identifies possible treatment issues, and suggests alternative treatment options.

Workflow management software that helps clinicians track and follow procedure for operations.

Companies that use GenAI as a core part of their product offering for Clinical Decision Support Systems

Uses digital mediums to generate actionable insights from health data

Clinical Decision Support System providers incorporate GenAI to enhance their systems

In most cases, CDSSs are provided to healthcare providers

Uses IoT to connect databases with medical devices for decision support

Uses AI/ML to output decisions/recommended actions based on databases of medical records

Clover Health

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