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DUOS, a senior-focused digital health platform, has secured $130 million in strategic growth equity.
FTV Capital led the investment, with participation from existing investor Forerunner Ventures.
DUOS also announced it promoted Jenn Kerfoot to president of market operations.
WHAT IT DOES
DUOS, founded in 2020, provides a healthcare technology platform for members of Medicare Advantage Plans to facilitate care navigation.
It also offers AI-enabled tools that help employers explain healthcare benefits and care resources to older adults, guiding them as they navigate care. The platform further evaluates social determinants of health and helps maximize in-network benefit utilization across contracts.
The Minneapolis-based company will use the funds to scale its innovation, including its AI capabilities, and its go-to-market operations across Medicaid and Medicare Advantage and with ACA marketplace plans throughout the U.S.
"At FTV, we’ve spent decades investing in healthcare innovation, and DUOS stands out for leveraging AI to build the critical infrastructure health plans need to operate efficiently and improve member outcomes at scale. We’re thrilled to support the company in building on its impressive momentum and driving the platform’s continued expansion," Alex Mason, partner at FTV Capital, said in a statement.
MARKET SNAPSHOT
In 2023, DUOS secured $10 million in funding, bringing its total raise to over $33 million.
DUOS scooped up $15 million in a Series A financing round in 2022, and in 2021, the company scored $6 million in seed funding.
Other companies in the senior care space include The Helper Bees, a technology platform focused on how older adults live and age. Earlier this year, the company announced it raised $35 million in Series C funding.
The Helper Bees aims to help insurers close the care gap and provide older adults with the tools and services they need to remain in their homes.
SafelyYou is a company that makes AI-enabled technology for fall detection and prevention. In January, the company closed a $43 million Series C funding round led by Touring Capital, bringing its total raise to more than $100 million.
The company scored $30 million in Series B funding in 2021, months after the close of its $19.5 million Series A round.
Tombot is a California-based robotics company that makes a robotic puppy, Jennie, which Jim Henson's Creature Shop designed. The puppy provides the health benefits attributed to live animal ownership, including stress reduction and combating loneliness.
It closed an oversubscribed $6.1 million Series A funding round earlier this year.
