SOURCE: Artemis Health

Artemis Health

August 16, 2017 08:00 ET

Artemis Health Secures $16 Million Series B Round to Equip Employers with Actionable Employment Benefits Data

SALT LAKE CITY, UT--(Marketwired - August 16, 2017) - Artemis Health, a company that offers a benefit optimization data platform for employers, received $16 million in Series B funding. The investment was led by F-Prime Capital (the venture capital funds of FMR LLC, the parent company of Fidelity Investments), with participation from previous investors Maverick Ventures and Kickstart Seed Fund. This is the second major round of funding Artemis Health has raised in 12 months, totaling $26 million to date, and will fuel the company's rapid expansion through investments in thought leadership, product research & development, and key executive hires.

"We believe that everyone should have good healthcare they can afford, and this round of funding greatly enhances our ability to empower employers to make that a reality by leveraging their data," explained Grant Gordon, CEO of Artemis Health. "As the cost of healthcare soars and healthcare policy remains in flux, the kind of insight the Artemis Platform provides is more critical than ever. We are seeing increasing demand for our benefits optimization platform from companies of all sizes, and these funds will not only allow us to serve our growing client base, but also to add some new and exciting capabilities to our platform."

Over 80% of businesses with 500 employees or more offer self-insured plans. These employers need insight into their benefits spend to address the 30 percent of healthcare dollars wasted on overspending and inefficiencies. The Artemis Platform allows employers an easy way to measure and assess the effectiveness of their benefits programs, identify opportunities for improvement, and reduce costs.

In conjunction with its funding, Artemis Health added new board member Jon Lim, who leads F-Prime's investment efforts in healthcare IT and healthcare services. Artemis Health joins F-Prime's portfolio, which includes Liazon (acquired by Towers Watson), Iora Health, PatientPing, Quartet, and US HealthVest.

"Artemis Health is delivering an exciting and innovative platform that provides both reliable data and actionable insights so employers can optimize their benefits spend," said Lim. "This directly impacts employee engagement, retention and productivity. We believe Artemis is well-positioned to partner with companies nationwide as they navigate the increasingly complex and expensive benefits landscape."

The Artemis Platform has analyzed more than $5.8 billion in healthcare dollars for its customers.

About Artemis Health

Artemis Health helps companies utilize their data to optimize their benefits programs while minimizing their spend. The Artemis Platform provides customers with actionable data on their benefits programs, opportunities and gaps, and easy-to-use tools to help them make great decisions.

By making it easy for self-insured employers to use their own benefits data, our mission is to help fix healthcare in America and ensure access to good healthcare everyone can afford. Based in Salt Lake City, Artemis Health works with dozens of employers nationwide including Intuit, GE Appliances and TeleTech. Discover more at www.artemishealth.com and @artemisdata.

About F-Prime Capital

F-Prime Capital is a global venture capital firm investing in life sciences, healthcare and technology. Since 1969, F-Prime has worked closely with entrepreneurs and academics to create innovative solutions to some of the world's most significant challenges in healthcare and technology. For more information, please visit www.fprimecapital.com.

About Maverick Ventures

Maverick Capital is a global investment firm that has been investing in early stage companies for over 20 years. By working with Maverick Ventures, entrepreneurs get the best of both worlds -- a focused, agile team of venture partners -- and the resources, reputation and relationships of a multi-billion dollar fund. Maverick Ventures invests through an evergreen structure that allows it to support entrepreneurs for an indefinite time horizon. Learn more about Maverick Ventures at http://www.maverickventures.com/.

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