Digital health company Buoy raises $37.5M in Series C funding

Boston-based AI-powered healthcare navigation platform Buoy Health announced the completion of a $37.5 million Series C funding round. Cigna Ventures and Humana led the funding round and were joined by Optum Ventures, WR Hambrecht + Co, and Trustbridge Partners. To date, Buoy has raised $66.5 million.

Established in 2014, the digital symptom checker is a team of 89 people led by CEO Dr. Andrew Le who’s on a mission to help customers know what to do from the moment they feel sick by easily checking their symptoms and understanding their best options for care.

“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.”- CEO and co-founder, Buoy Health, Andrew Le, MD.

Buoy will use the proceeds to further buildout its IP with respect to artificial intelligence and other technologies, as well as grow the Buoy team. The fundraise will advance Buoy’s clinical and insurance-based navigation capabilities to help move the individual to a more consumer-friendly healthcare journey.

“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.” – Global lead, Strategy and Business Development, Cigna, Tom Richards.

To support the company’s expansion into more advanced healthcare journey support, Series C funding will be used to support hiring and research and development initiatives. “Buoy has proven that AI can help better connect the health system to enable a more consumer friendly healthcare experience for patients. We are excited to support Buoy as it continues to build out its differentiated AI-powered navigation platform.” Healthcare Investor, Optum Ventures, Laura Veroneau.