Noyo Raises $45M in Series-B Funding by Customer-Focused API Software
Noyo has raised $45M in a Series-B funding round that Norwest Venture Partners led, joined by Workday Ventures, Gusto, Cap Table Coalition, and existing investors Costanoa Ventures, Homebrew, Operator Collective, Precursor Ventures, Garuda Ventures, Core Innovation Capital, Spark Capital, and Webb Investment Network. With this investment, Noyo is building products and services to serve everyone and growing influence to create a team to build more opportunities.
Noyo’s endeavor towards providing the benefits software with the right API-led software has raised a total amount of $57.5M till now. They have a modern data infrastructure that allows the benefits software of companies to connect with insurers.
Earlier, the company used to get stuck in rectifying the documents of their employees for the insurance process, but with the API-led software of Noyo, the process is a whole lot easier. Now, let’s walk through the specification of Noyo to know some important company details.
Specifications of Noyo
We all are aware of the hustle that a company, employee, and an insurance company go to make an insurance(benefit) happen. Noyo is an entrusted platform that saves from all that fuss and builds an application programming interface that lets the benefits software(of companies) and insurers connect easily.
The table below will let you ramble across the company details, from the company’s legal name to the CEO and operating status.
| Feature | Specifications |
| Company Name | Noyo |
| Address | San Francisco Bay Area, West Coast, Western US |
| Employees | 250 |
| Operating Status | Active |
| CEO | Shannan Goggin, Dennis Lee |
| Investors | 13 |
| Industry Related to | Fintech, IT, Healthcare |
| Total Funding | $57.5M |
| IPO Status | Private |
| Legal Name | Noyo Technologies |
| hello@noyo.com | |
| Company Website | www.noyo.com |
Partners and Investors of Noyo
Noyo serves both the insurance carriers and the benefits software by providing the modern insurance to happen through its API-led data exchange system.
Here are the investors of Noyo
- The Cop Table Coalition
- CORE INNOVATION CAPITAL
- Costanoa Ventures
- Garuda VENTURES
- SPARK CAPITAL
- WEBB INVESTMENT NETWORK
- Homebrew
- NORWEST OPERATOR
- COLLECTIVE
- PRECURSOR VENTURES
Why to Pick Noyo Services?
Numerous reasons make Noyo one of the leading service providers of insurance carriers and benefits software. Here are some of them
- New World of Possibilities
Currently, Noyo is the most loved innovative benefit software platform in the industry. Ease, Rippling, XP Health, and benefits are some industry leaders using Noyo. Through its software, the benefits software platform harnesses the power of APIs to build amazing experiences. The earlier tedious process of errors and carrier integration procedure is removed through the new possibility of administration brought up by the API system of Noyo.
Crucial benefits data is instantly available anywhere, thus unlocking the new possibilities of how benefits can be designed and delivered in the current industry algorithm.
Rippling, one of the industry leaders using Noyo technology, shares, “Noyo’s API is critical for providing our customers a modern, hassle-free experience. Their digital interface with the insurance companies solves a major pain point and allows the entire software to innovate.”
- Seamless Data Exchange With Insurance Carriers
From installation to renewal and enrollment, Noyo simplifies benefits administration. A complete API solution that allows the installation of new groups, submitting and confirming member transactions, and streamlining renewal without any hindrance.
The earlier manual work that included file-based work became redundant and replaced by a much more powerful, simple, and hand-free automation of Noyo that works accurately.
- Full Featured APIs for Benefits Administration
Noyo’s solution covers the entire lifecycle of the policy. Benefits software can initiate the new group instalments by automatically confirming enrollment in the carrier’s system. Further member enrollments can be initiated where transactions, receiving various conformations, and automated APIs can be done. Renewals can also be done easily with fast and reliable coverage.
- Best Benefits Experience
Benefits software of the company is provided with “one and done integration,” where a single up-front integration with the Noyo system unlocks various connectivity with the insurance carriers. With a commendable level of speed and accuracy features, Noyo challenges the previous data entry and hustle work of companies.
- Instant Access to Quality Healthcare and Financial Support
Noyo provides instant access to resources like healthcare and financial benefits that a company bestows on employees. The built modern API infrastructure connects industries, thus ensuring a trusted future. API is at the heart of everything that Noyo does.
Noyo Tools That Lead to Raise $45M in Series-B Funding
Shannon Goggin, CEO, and Co-founder of Noyo, echoes his thought, “The industry is changing, and the customers expect more. Noyo is the bridge to the future where the insurance data moves freely, so coverage is always there when you need it.”
For the efficient functioning of insurance carriers, Noyo has brought tools to unlock the full potential of Noyo services.
- Noyo Sync
This enables a new level of speed and accuracy to connect with various new partners in days, streamline operations, and accelerate growth. It accesses a detailed policy level from the insurer’s system and easily enrols new partners without any errors.
- Noyo Send
Noyo Send is another tool that provides frictionless benefits for insurance carriers. It runs flexibly with one too many API solutions that plug into existing systems.
- Noyo 360
Noyo 360 is the purpose-built set of APIs that provide a seamless experience with modern data exchange. It tasks with fast, accurate standard integration from installation to renewal. Their proactive audits with round trip verification and data quality verification ensure the payment occurs simply fast.
Closing Thoughts
Noyo is the first country to transform the underlying infrastructure of the benefits and insurers industry. The current requirement is more toward hassle-free and easy software interactions between benefits and insurers software, and Noyo’s modern data infrastructure makes this possible.
FAQs
Ans: Similar companies to Noyo are Concert Health, Medloop, lotus medical, Push Doctor, and Medloop.
Ans: To date, Noyo has raised an amount of $57.5M.
Ans: The last funding round of Noyo was led on May 19, 2022.
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