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Noyo Raises $45M in Series B Financing for Employee Benefits Experiences

Noyo is a customer-focused software with a modern API (application programming interface) system to enhance the insurance experience in the life of its customers. Its user-driven approach has attracted “Noyo $45M Series-B ”. 

Noyo connects company’s employee data to the insurers through its group setup, following transparent enrollment, and later maintaining the benefits. Benefits are none other than the payments that the insurance scheme provides to an entitled person. 

Companies through their benefits software connect with the insurers to enrol their employees for their leveraged insurance schemes.

Humana and Ameritas are some of the insurers that trust Noyo for its management services. “I can trust that transactions going through Noyo are going to be right; that peace of mind is huge ” are the shared thoughts of Beam Dental, one of Noyo’s customers.

Noyo A-Series and Connected Thoughts

Year 2020 came to praise the Noyo and its efforts to accelerate the insurance and health world through its API leading to an upraised $12.5M in series A. 

Noyo developed routes for insurers for their respective onlooking market partner’s connectivity and allowed a worthy data exchange. API is an efficient method that enables administrators to manage their policies with their insurance carriers. 

With the coming changes in the economy and its world, all a company needs is beneficial software that holds the grudge to implement Noyo for safe data planning.

Thoughts of the Noyo CEO and co-founder echo, “The industry is changing and the consumers are asking more. Noyo is the bridge to the future where insurance data moves freely, so coverage is always there when you need it”.

Specs of Noyo

FeatureSpecifications
Company NameNoyo
AddressSan Francisco Bay Area, West Coast, Western US 
Employees250
CEO Shannan Goggin, Dennis Lee
Investors13
Total Funding$57.5M
IPO StatusPrivate
Legal NameNoyo Technologies
Emailhello@noyo.com
Company Websitewww.noyo.com

Noyo Unique Features Attracting Trust & Investment

Noyo Technology

There are reasons why Noyo has been endorsed by at least 13 investors since its journey started. Some of its unique features are studied below, so let’s comprehend them one by one.

  • Need of the Hour

Noyo is the right solution to avoid hectic lanes of documentation and its legal approval thus avoiding the traditional design which doesn’t sync with the current digital world and modern business patterns. With new blooming startups falls a need to provide benefits and maintain them accordingly.

Noyo frictionless benefits allow easy enrollment of groups, and later confirming it with the enrollment processes thus allowing maintenance and renewal through proactive data, group, and policy, all through open enrollment.

  • Quality Connection Among Industries

Insurance companies connect with API-led consumer software of Noyo and share data with efficient group enrollment, all in the safe, quality shells of Noyo. 

Through Noyo API, people feel protected and not scared by insurance. Noyo carries the user’s data securely and doing so is an enormous challenge.

Noyo can avoid companies from slogging hours in policy documentation for various health and life insurance and further let them accelerate in expanding their business.

  • Authentication & Safe

Authentication of data and its security is essentially required in this current world of spies and malware. Each customer has a unique pair of API credentials at Noyo, if you are willing to make API calls, it can happen by generating tokens using a client ID and client secret in a basic authentication header.

Noyo is one of the best business decisions to be taken in the digital business world.

  • API Solution

API solutions by Noyo provides the apt ambience of connecting the benefits software of companies with the required insurance provider. API and its led software uphold the safety of data meanwhile through its Noyo sync to Noyo 360 services.

Various Investors of Noyo

Noyo has managed to attract $45M investment in 2022, and there are multiple investments that it has raised due to its consumer-led software empowered by its API service.

Some of its investors among its 13 investors are:

  • The Cop Table Coalition
  • CORE INNOVATION CAPITAL
  • Costanoa Ventures
  • Garuda VENTURES
  • SPARK CAPITAL
  • WEBB INVESTMENT NETWORK
  • Homebrew
  • NORWEST OPERATOR 
  • COLLECTIVE
  • PRECURSOR VENTURES

Closing Thoughts

With coming industries, new challenges reach the brim. With Noyo and its unique API and consumer-led software, companies can avoid the hectic document exchange and further approval headaches.

With Noyo sync and Noyo 360 policy, it holds the trust and data of the company with the utmost security, and then there is no going back.

FAQs

Ans: The last funding round for Noyo series-B  $45M was on May 19, 2022.

Ans: Some of the competitors of Noyo may include Ottonova, Concert Health, and Push Doctor.

Ans: Noyo was founded in the year 2017 by Dennis Lee and Shannon Goggin.

Ans: It is a profit-based company.

Ans: API is an application programming interface that allows two software to connect efficiently. Noyo API-led software leverages the insurers and benefits software of various companies to connect under its safe and secure shells.