PruVen Capital backs Angle Health

Angle Health raised $134 million in a Series B round led by Portage with participation from PruVen Capital, bringing its total funding to about $200 million. The company is expanding as more small and mid-size employers look for alternatives to traditional health plans.

The company sells medical and pharmacy benefits to small employers and uses AI models built on de-identified patient data to help spot risk, shape plan designs, and guide interventions. Its Benefit Builder tool gives brokers instant underwritten quotes on custom plans, removing the weeks-long process and eliminating individual health surveys.

Since 2022, Angle says its revenue has grown 26x, it now works with more than 3,000 employers in 44 states, and its renewal rate is above 80%. It also reports that its average rate increases for small businesses are far below the industry norm.

“The healthcare benefits ecosystem wasn’t designed for the small-to-medium-sized businesses that employ nearly half of America’s workforce, and legacy technology can’t deliver on the efficiencies and savings unlocked by AI. We’re rebuilding healthcare infrastructure and care pathways to give all employers access to the comprehensive benefits historically reserved for large enterprises.” – Ty Wang, co-founder and CEO of Angle Health.

“Angle Health is what happens when you bring some of the brightest minds in AI and machine learning into an industry that consistently lags in technological innovation. The Angle team is taking a novel approach to one of the biggest challenges facing employers today: how to provide employees with quality healthcare access while keeping costs in check. They are using human-centered AI to rebuild the operational and financial infrastructure behind healthcare benefits. We are humbled to be a part of the Angle Health journey.” – Ricky Lai, General Partner at Portage.