Lumity, a San Mateo, CA-based technology-driven benefits solution for growing companies has raised $19M in Series B funding led by DFJ, with participation from current investors Social+Capital Partnership and True Ventures. As part of the recent round, Lumity is now expanding the company’s benefits advisory practice and technical and back office teams. DFJ Partner, Josh Stein, will also join the company’s Board of Directors.
Founded in 2013, Lumity helps employers and employees make better, more informed decisions on health plans, benefits, and healthcare using data insights. As companies grow and evaluate options like self-funding benefits, Lumity’s data insights and health risk modeling empowers employers to understand the optimal benefits funding choices at every lifecycle of their business. The company has anonymized millions of people’s claims data and uses machine learning to improve on the predictions it makes each time it benchmarks a new customer.
With Tier 1 employee support and licensed experts, Lumity’s partnership-driven model has enabled businesses like Lyft, Greenhouse, and GoFundMe, among others, to scale with cost savings and a high NPS employee experience — and earned the company 100% customer retention while increasing revenues 800% YoY.
“Set against the backdrop of rising healthcare costs, an opaque healthcare system, confusing benefits choices, and poorly designed software experiences, employers and employees today are demanding the right tools and insights to make the best benefits choices for themselves and their families,” said Tariq Hilaly, Lumity’s co-founder and CEO in a statement. “Lumity’s proprietary algorithms and easy-to-use software bring the employee benefits experience into the modern era.”