GeekWire May 21, 2024
Abett, a Seattle-based startup that helps large employers manage and analyze health plan data, raised $11.6 million in a Series A round to help boost its software platform.
The company’s Lockbox product is built for benefits teams to share, store, and analyze data related to healthcare services offered to employees.
The idea is to show companies how they could alter benefits to save costs, among other uses.
“I don’t believe it’s well understood how much effort and expenses large employers devote to managing healthcare for employees and dependents,” said Abett CEO and co-founder Mike Hanlon.
Hanlon said the recent Change Healthcare cyberattack is driving employers to reassess where they keep data — which could be a tailwind for Abett.
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