AI for Healthcare startup, Buoy Health secured $37.5M in funding

Buoy Health, a Boston based Artificial Intelligence-powered healthcare navigation platform, has now secured $37.5 million in a Series C funding round.

Buoy Health is founded by Andrew Le in the year 2014. It is a digital health company that uses AI technology to provide personalized clinical support to an individual as a health concern.

Developed by the team of doctors and data scientists from the Harvard Innovation Labs, the company navigates the people via the healthcare system, delivering triage at scale and connecting them with the right care endpoints at the right time based on the self-reported symptoms.

Andrew Le, MD, CEO and co-founder of Buoy Health, said, "We are honored by the continued support and commitment in Buoy from many of the industry's most influential insurers and are proud to be working with a group of investors that truly believe in our mission to make healthcare more personalized and convenient. Buoy was founded on the idea that turning to the internet for answers when you are sick can be overwhelming, confusing, and inefficient. I'm proud of the work we've done to help more than 9 million individuals make more informed decisions for their health, and the tools we have built to help consumers and employers navigate COVID-19. From the moment an individual has questions about their health, to ensuring they get the support they need as they seek care, Buoy will serve as the sidewalk to every possible front door of care, navigating the individual through their healthcare journey."

Tom Richards, global lead, strategy and business development, Cigna, said, "We remain focused on bringing highest value solutions that connect customers to the right care, at the right place, at the right time. Buoy's 'first-step' digital actions that triage symptoms and provide next steps for care do just that. Since the start of COVID-19, we've been able to support up to 140,000 COVID assessments and look forward to continuing our partnership to help employers manage safe returns to the office."

The round, which has secured $66.5 million to date was backed by Humana and Cigna Ventures with participation from the TrustBridge Partners, Optum Ventures, and WR Hambrecht +Co.

The company as of now has plans to use the new funds to further build out its IP with respect to AI and some other technologies, as well as to expand the team.