Optima Health Insurance Gets $1.3B, Adds $100M of Growth in First Quarter 2018
Optima’s CEO has said the company expects to hit $1 billion in revenue in the first quarter of 2019.
The company, based in San Francisco, has raised a record $1,350 million to fund its $6 billion valuation.
Optima, based on a technology that aims to find and improve health information, has been gaining momentum over the last several years.
The tech firm has been acquired by General Electric and acquired by the private equity firm Apollo Global Management.
The $1bn in funding gives Optima a $1 million Series A round of funding, and a $100 million Series B. The startup has raised more than $600 million in Series A funding from a variety of venture capital firms, including Founders Fund, SV Angel, Greylock Partners, and New Enterprise Associates.
Optimas technology is based on the company’s proprietary optima data-mining software that identifies health conditions and helps patients improve their health outcomes.
Optimaa is expected to make significant investments in its clinical data-analysis platform.
The health insurance company is a large employer, and it has an estimated workforce of more than 6,000 people.
Opta said the investment will allow it to continue to grow the company.
Optimarai’s first quarter revenue came in at $959 million.
The quarterly revenue includes revenue from the company, including its health insurance business, OptaHealth.
Optai Health’s financial results for the quarter came in ahead of the quarter-end financial release scheduled for Monday, according to a release.
Optrais CEO Scott Soderstrom said in the release that Opta is “committed to the long-term health of our clients and employees,” and that Optarai is “looking to accelerate its growth in 2018 and beyond.”
Optarail Health has been in the news recently after CEO Andrew Smith resigned in November after more than a decade at the helm.
Smith had previously said Optaray was in dire straits and would need to raise $200 million to survive.
The news comes as Optrahas revenue has been declining.
Revenue from Optahealth fell by nearly $1B in the quarter.
Optarais revenue also dropped by $400M, according the release.
Optimais revenue for the first three months of the year came in lower than Optarains, which ended up $1 B more than the company had expected.
In its statement announcing the funding, Optarays CEO, Scott Söderstrom, said, “We are very proud of Opta Health’s record year in 2018, which saw our business grow at an unprecedented pace.”
Optimas shares closed down 3% at $1 in early trading on Monday.