Oscar Health raises $375 million from Alphabet

Alphabet invests $375 million in health insurance start-up Oscar

Before the latest investment, Oscar had raised nearly $900 million, garnering a $3.2 billion valuation.

Oscar has focused on was the massive amounts of poorly organized health care data in the market.

Health insurance start-up Oscar Health is getting a fresh round of funding from Google's parent firm Alphabet. In a statement to Healthcare Dive, Schlosser also said the money will increase involvement in the individual and small business markets and allow the MA expansion. The company is using a mixture of technology, partnerships with insurance providers as well as member experiences to make health insurance easier to understand for its customers, while also giving the doctors associated with this program more flexible models for payment. "It's the acceleration of that product roadmap that fascinates us the most", Schlosser said. In addition to the investment, Salar Kamangar, former YouTube CEO and one of Google's first employees, will join Oscar's board. Among the participants of that funding, CapitalG and Verily Life Sciences were financed by Alphabet. The company, originally inspired by the enactment of the Affordable Care Act, has been branching out into more states and markets beyond Obamacare's individual insurance exchanges.

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Alphabet was "thrilled" to invest further to help Oscar in its next phase of growth, a company spokeswoman said.

According to Wired magazine, the Mountain View, California-based search giant now owns approximately 10% of the startup, which intends to disrupt the insurance industry with improved technology for managing claims.

"Whatever happened in the press, whatever happens on the regulatory side, I have personally always thought, and I think the company shares in this, that if we have something that leads to lower costs and happier members in some shape or form we'll be able to turn this into a successful company", he added.

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