HealthJoy's AI-powered employee benefits platform raises $12.5M

Chicago-based HealthJoy, a digital employee benefits platform leveraging artificial intelligence, has raised $12.5 million in Series B funding in a round led by US Venture Partners, according to a release from the company. Epic Ventures also came to the table alongside prior backers Chicago Ventures, Sidekick Ventures and HealthJoy’s cofounders. Dr. Jonathan Root, a general partner at US Venture Partners, will also be taking a position on HealthJoy’s board. First founded in 2014, HealthJoy expanded its business from the individual health insurance market to employee engagement and cost containment in 2016. Key to the company’s approach is Joy, a virtual assistant that helps users understand their benefits packages and navigate their care options through an AI-guided conversation. Along with easily integrating and displaying an individual’s coverage, the platform includes 24-7 live care provider support as well as a log of historical claims information and past conversations.