Array Health, a Seattle-based provider of technology for private health insurance exchanges, recently raised $9 million, according to a filing with the SEC.
The company, led by CEO Jonathan Rickert, uses a cloud-based platform that lets health plans develop their own private online exchange, while also providing employers a means to control costs on benefits and a new avenue to purchase benefits, the privately held company says on its website.
It’s perhaps not a bad space to be in – demand for online private health exchanges is expected to experience “hyper growth,” according to a report from Accenture. The report noted that employers, consumers and insurance carriers all have expressed enthusiasm for private exchanges.
Array Health raised the $4 million through offering equity, according to the Form D filling. The company was started in 2005 with the goal of making the process to buy health insurances easier for consumers, employers and health plans.
