Lumity raised $19 million in a round led by DFJ with participation from previous investors – Social+Capital Partnership and True Ventures. Lumity, based in San Mateo is an employee benefits software company which aids its employers and employees in making efficient, well informed decisions on health plans, benefits, and healthcare using data insights.
The company boasts of its prominent customer base with Greenhouse, GoFundMe and Lyft among many other valued assets. Lumity primarily offers a software tool in assisting employees to find a suitable health plan by exploring the available benefit options with their data analytics and risk modelling algorithms. The software also enables tracking expenses, deductibles and management of employee benefits.
Lumity targets small businesses with 500 or fewer employees as this group is believed to overpay for healthcare benefits owing to the absence of advanced data analytics which predict the suitable employee benefits. The company recently added a claims analytics dashboard for employers with more than 250 customers which is an indicator of expected trends with forecast of employee benefits costs enabling reallocation of budgets in a suitable manner.
According to Tariq Hilaly, Co-founder and CEO of Lumity, “Lumity’s proprietary algorithms and easy-to-use software bring the employee benefits experience into the modern era.”
Lumity witnessed a revenue rise of 800 percent in the past year and intends to utilise the new capital for the expansion of its consulting team and back-office operations.