+1-888-308-5802     
News Contact Us

Alphabet pours in USD 375 million in insurance startup Oscar Health

Author : Saipriya Iyer | Published Date : 2018-08-16 

Global tech behemoth Alphabet Inc. has reportedly invested USD 375 million in the tech-based healthcare insurance startup, Oscar Health. Apparently, the company aims to bring forth breakthroughs in the medical insurance industry deploying Alphabet’s big data resources.

As per reliable sources, the round included investment from Alphabet’s research organization, Verily Life Science, that is keenly focused on developing technology based applications for detecting, preventing and managing various diseases. In addition, Google has also reportedly invested in the startup through its venture capital fund, Capital G.

According to Bloomberg, Oscar plans on using this investment to enter Medicare Advantage – the market for privately administered senior health insurance schemes by 2020, in a bid to serve a growing geriatric population base. The company has also announced plans to appoint former YouTube CEO, Salar Kamangar in their team.

Reportedly, Oscar had raised almost USD 900 million prior to the investment by Google’s parent company Alphabet, amounting to a total valuation of USD 3.2 billion. Further that company stated that so far, it has no other plans in the offing to collaborate with similar companies in the future.

Oscar Health for the record, was co-founded by Joshua Kushner in 2012, and had reportedly been selling its healthcare plans under the Affordable Care Act, since 2013. As per sources, the company had about 240,000 members this years and plans to extend its reach in new markets by 2019.

According to an official statement by Schlosser, Oscar’s CEO, the company plans on investing heavily in big data, and aims on making healthcare more affordable and efficient. In addition, it also plans to use Alphabet’s funding to hire more skilled engineers, product designers, clinicians and data scientists in its team.

The company’s internal operations with regards to health management are rather technology-centric, and Oscar now plans to take it several steps further, Schlosser added.

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

Related News

Crafty Apes shifts to remote working with support of Teradici & RFX

Published Date: 2020-04-09         Author: Saipriya Iyer

Crafty Apes, a full-service visual effects company, has recently announced the transition of its artists to working from home under the support of RFX Inc. and Teradici. Nearly 150 artists have been shifted by the company within around 1 week, out of which, 60 artists were transitioned in a day. ... Read More

Food delivery firm Swiggy raises $43M to foray into new businesses

Published Date: 2020-04-07         Author: Saipriya Iyer

Swiggy, a renowned Indian food delivery company, reportedly announced that it secured another $43 million in a new investment round, which is a part of a series round that started in February, as the company looks towards its expansion to new businesses.  Existing investor of the company, Te... Read More

Boeing extends facilities shutdown in Seattle due to COVID-19 fear

Published Date: 2020-04-06         Author: Saipriya Iyer

The Boeing Company has recently announced the continuation of the production facilities shutdown in Seattle due to the rising fear of coronavirus outbreak. The company has reportedly informed the employees in Washington about the extension of the 2-week shutdown at the Seattle facility, which was pr... Read More

© 2020 Fractovia. All Rights Reserved