Abett, a Seattle-based startup, recently raised $11.6 million in a Series A round to further develop its software platform aimed at aiding large employers in managing and analyzing health plan data. The company’s Lockbox product is designed to help benefits teams securely share, store, and analyze data related to healthcare services offered to employees. The ultimate goal is to assist companies in making informed decisions about altering benefits to save costs and improve overall healthcare offerings.
CEO and co-founder Mike Hanlon emphasized the significant effort and expenses that large employers devote to managing healthcare for employees and their dependents. The recent cyberattack on Change Healthcare has prompted employers to reevaluate where they keep their data, potentially benefiting Abett. Additionally, the passage of the 21st Century Cures Act in 2016, which restricts information-blocking by healthcare providers and carriers, and the 2021 Appropriations Act, which increased transparency for employee health plans, have created a favorable environment for Abett to thrive.
With a team of 47 employees, including several who also worked at Amazon in the 1990s, Abett is well-positioned to address the growing demand for efficient health data management solutions among large employers. Founder Mike Hanlon brings a wealth of experience to the company, having been the seventh employee hired by Amazon and later working as an economics professor at the Institute for Health Metrics and Evaluation at the University of Washington. The team’s collective expertise in technology, healthcare, and data analytics is a valuable asset as Abett continues to expand its offerings and attract more clients.
The Series A round was led by Acrew Capital, with support from GreatPoint Ventures, NextGen Venture Partners, and Royal Street Ventures. This brings Abett’s total funding to $27 million, indicating strong investor interest in the company’s innovative approach to health data management. Hanlon’s history of successful ventures, including the first incarnation of Abett as a web app for crowd-sourcing answers, highlights his entrepreneurial spirit and ability to adapt to market demands. Despite the initial setbacks with the first startup, Abett has emerged as a promising player in the health tech industry, poised for further growth and success in the future.
As employers increasingly seek ways to optimize healthcare benefits for their employees, Abett’s software platform offers a valuable solution for managing and analyzing health plan data. By providing insights into cost-saving opportunities and facilitating informed decision-making, Abett aims to support companies in improving the overall well-being of their workforce. With a strong team, strategic partnerships, and substantial funding, Abett is well-equipped to meet the evolving needs of the healthcare industry and drive positive change in employee benefits management.
