Picwell, which operates a smart recommendation engine for health plan selection, has closed its Series A round of funding totaling more than $4 million. MassMutual Ventures, the VC arm of Massachusetts Mutual Life Insurance Company (MassMutual), led the investment, with participation from a group of prominent healthcare industry executives. The company is cash flow positive and will use the funds to expand operations and accelerate the development of related consumer decision support products.
“In our first year we clearly demonstrated that we can positively impact the lives of everyone who uses our services,” said Jay Silverstein, CEO of Picwell. “As we expand, and the insurance arena becomes more retail oriented, Picwell will play a key role in creating more dynamic and efficient markets, for all participants.”
Picwell organizes and analyzes more than 900,000 variables that affect health insurance plan selection, allowing health insurance providers to present the most appropriate plans to participants based on their individual needs. On the other hand, users get to benefit from savings equivalent to one paycheck per year.
In addition to MassMutual Ventures, Picwell got the money from the following parties:
- Trevor Fettter, Chairman and CEO of Tenent Healthcare
- Kevin Hill, Partner at KCH Investments, former Executive VP of Sales and Business Strategy at Oxford
- Health Plans, and former CEO of United Healthcare’s Northeast business line
- Andrew Kress, Founder of HealthVerity and former CEO of SDI Health
- Paul Kusserow, CEO of Amedisys, former Chief Strategy Officer of Humana and Senior VP of Corporate Strategy and Ventures of Tenent Healthcare
- Osage University Partners
- Bruce Perkins, former President, Health and Well-being Services for Humana