Artemis Health Secures $25 Million Series C Funding to Enhance Employee Healthcare Data Analytics Platform

VCBeat (WeChat Official Account: vcbeat) has learned that medical data company Artemis Health announced on March 14, 2019, the completion of a $25 million Series C financing round to further expand its service platform. The round was led by Bessemer Venture Partners, with participation from Maverick Ventures, F-Prime, Hearst Health Ventures, and Rose Park Advisors. Bessemer Venture Partners has a history of investing in health technology companies, with a portfolio that includes Allscripts, Bright Health, Liazon, Welltok, and doctap.

Artemis Health is headquartered in Salt Lake City, Utah, USA. The company primarily focuses on providing employers with analytics on employee benefits data to help them reduce wasteful spending and offer effective, affordable health insurance to their employees. In addition to this round of financing, Artemis Health has completed a total of seven funding rounds amounting to $58.8 million. Its most recent financing was a $16 million Series B round completed in August 2017.

Grant Gordon, Co-Founder and CEO of Artemis Health, stated, “Employers are often in a unique position, needing to maximize corporate interests while ensuring employee health benefits to sustain company growth. Artemis Health’s mission is to empower employers to achieve this by leveraging the data generated through our benefits programs. Some of the most forward-thinking employers in the United States trust us and partner with us. We are delighted that Bessemer Venture Partners, one of the world’s most astute investors, also supports our mission.”

“Bessemer has provided funding to many companies facing significant challenges. Their investment in Artemis Health is not only a testament to our capabilities, but also strong evidence of the progress we have made in our previous research. This new capital, combined with Bessemer’s expertise, will help Artemis Health push the boundaries of data, accelerate our business growth, and make a positive impact on the healthcare industry.”

Nearly 50% of U.S. residents obtain health insurance through their employers, which is the primary focus of Artemis Health’s efforts. The Artemis platform provides human resources professionals with data and analytical support to help them make data-driven decisions regarding employee benefits; employers, in turn, leverage employee benefits data to help their workforce lead healthier lives. For example, they are reducing waste in prescription drug spending, analyzing the conditions for successful benefits programs, and striving to narrow the gap between healthcare costs and insurance premiums.

At that time, Steve Kraus, a partner at Bessemer Venture Partners, will join the board of directors of Artemis Health. Kraus also serves on the boards of several health tech giants, including Welltok, Bright Health, Groups, Qventus, Health Essentials, Docent Health, and Alcresta.

“Artemis Health is a natural complement to Bessemer Venture Partners’ healthcare portfolio. Over the past two decades, we have partnered with high-growth companies to tackle the significant challenges in healthcare. Artemis is uniquely positioned to not only impact employers’ bottom lines but also positively affect the lives of millions within our healthcare system. I am excited to help shape a bright future for Artemis,” said Kraus.

In 2018, Artemis Health underwent significant transformation: its workforce doubled, new features were added to its platform, and a next-generation data management system was developed. The Artemis platform has improved the lives of over 4 million employees and their dependents by enabling them to access health benefits directly through their employers.

Artemis Health, founded in 2013, is a health data analytics platform. The Artemis platform enables employers to more easily leverage their benefits data. By analyzing employers’ health data, Artemis allows them to create and track cost-saving initiatives, thereby helping them reduce healthcare expenditures. Artemis Health is striving to help address the healthcare challenges in the United States, operating on the belief that everyone should have access to high-quality, affordable healthcare.

Bessemer Venture Partners, founded in 1911, is the world’s most experienced seed-stage venture capital firm. Bessemer maintains a portfolio of over 200 companies, manages more than $4 billion in venture capital, and has invested in over 130 companies worldwide. Bessemer is committed to helping visionary entrepreneurs lay a solid foundation, build their companies, and support them through every stage of growth. Bessemer’s 15 partners operate out of offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India.

(Compiled by Wang Shuijing)