Continuing its investment spree in the US, PremjiInvest, the family office of Wipro chairman Azim Premji, has participated in a $300-million Series B funding round of Devoted Health, a Waltham, Mass.-based insurance startup.
The financing was led by Andreessen Horowitz, and saw participation from another new investor Uprising, as well as existing investors, according to an announcement on Tuesday.
The funds will be used to expand and to continue building technology and operations to support delivery of healthcare services to Devoted members.
Founded in March of 2017 by brothers Todd and ED Park, the company also announced that it has officially launched, beginning to enroll members across eight counties in south and central Florida.
Devoted, which helps Medicare beneficiaries access care through its network of physicians and tech-enabled healthcare platform, raised $7.4 million in funding and seed investments from Venrock, Todd Park, and Ed Park in the second quarter of 2017. In October last year, the company raised a Series A round of $61.95 million from investors including Oak HC/FT, Venrock, F-Prime Capital Partners, Maverick Ventures, and Obvious Ventures.
PremjiInvest, which started out in 2006 with a corpus of $1 billion, now reportedly has at least $3 billion worth assets under management. After backing companies like Snapdeal and Myntra in the online retail space in 2014, it turned its focus towards the US market. It led a $100-million Series D round in e-commerce fraud-prevention company Signifyd, as per an August announcement.
In December last year, enterprise planning cloud firm Anaplan raised a $60 million Series F funding round led by Premji Invest with participation from Salesforce Ventures, Top Tier Capital Partners, and other existing investors. In September, the Indian investor also led a $55 million Series E funding round in US artificial intelligence venture Apttus.
Its other US investments include Zuora, which offers subscription billing, commerce and financial solutions, ServiceMax, a provider of cloud-based field service management solutions, payments firm Yapstone, and database management company DataStax.