# Noyo Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/noyo-technologies

- Industry: Insurance
- Headquarters: San Francisco, US
- Website: www.noyo.com
- Total disclosed funding: $53M
- Latest round: Series B (Dec 2, 2021)
- Investors on record: 11

## About

Noyo Technologies, Inc. specializes in providing a benefits integration platform that streamlines insurance enrollment and eligibility processes, enhancing operational efficiency for clients across the insurance industry.Noyo Technologies, Inc. was founded in 2017 and operates from San Francisco, US. The company focuses on modernizing benefits integration within the insurance sector, particularly through a universal API that connects insurance carriers with benefits platforms. The founders, Dennis Lee, Micaya Clymer, and Shannon Goggin, have a history in technology and innovation. As of February 2022, Noyo has raised a total of USD 5.79 mn in Series B funding, with a current valuation of USD 282.24 mn.Noyo offers a modern benefits integration platform that improves the enrollment and eligibility processes within the insurance industry. Central to its offering is a universal API that facilitates the management of member data across various insurance carriers. This platform enables near real-time management of enrollment data, automating traditional manual processes and addressing challenges like lengthy enrollment timelines. Noyo serves a diverse clientele including insurance carriers and benefits platforms, primarily in the United States and Canada.Noyo generates revenue through partnerships with insurance carriers and benefits platforms, utilizing a subscription model for API access and related services. Clients incur costs based on engagement levels, including fees for data transactions, annual subscriptions, or implementation services. The company’s key offerings, such as the Enrollment Engine and Carrier Network, support transaction processing and member data management, thereby strengthening B2B connectivity for insurance administrators.In February 2022, Noyo Technologies, Inc. raised USD 5.79 mn in Series B funding to bolster its strategic initiatives. The company plans to introduce new products aimed at enhancing benefits integration technology and expand its market presence, specifically targeting growth within the US and Canadian insurance sectors. The recent funding will be allocated to developing these upcoming products and scaling operations to meet the increasing demand for efficient benefits management solutions.

## Funding rounds

- Series B, Dec 2, 2021, $40M — Norwest Venture Partners, Spark Capital, Core Innovation Capital, Webb Investment Network, Costanoa Ventures, Homebrew, Workday Ventures, Precursor Ventures, Fika Ventures, Operator Collective, Garuda Ventures
- Series A, Apr 6, 2020, $13M — Spark Capital, Core Innovation Capital, Webb Investment Network, Costanoa Ventures, Homebrew, Precursor Ventures, Fika Ventures, Garuda Ventures

## Investors

- Spark Capital — Series A, Series B
- Core Innovation Capital (https://capitalatlas.ai/funds/core-innovation-capital) — Series A, Series B
- Webb Investment Network (https://capitalatlas.ai/funds/webb-investment-network) — Series A, Series B
- Costanoa Ventures (https://capitalatlas.ai/funds/costanoa-ventures) — Series A, Series B
- Homebrew (https://capitalatlas.ai/funds/homebrew) — Series A, Series B
- Precursor Ventures (https://capitalatlas.ai/funds/precursor-ventures) — Series A, Series B
- Fika Ventures (https://capitalatlas.ai/funds/fika-ventures) — Series A, Series B
- Garuda Ventures (https://capitalatlas.ai/funds/garuda-ventures) — Series A, Series B
- Norwest Venture Partners (https://capitalatlas.ai/funds/norwest-venture-partners) — Series B
- Workday Ventures (https://capitalatlas.ai/funds/workday-ventures) — Series B
- Operator Collective (https://capitalatlas.ai/funds/operator-collective) — Series B