Noyo

Noyo

Benefits data platform for B2B automation

About Noyo

Simplify's Rating
Why Noyo is rated
A-
Rated B on Competitive Edge
Rated A on Growth Potential
Rated A on Rating Differentiation

Industries

Enterprise Software

Financial Services

Company Size

51-200

Company Stage

Series B

Total Funding

$55.9M

Headquarters

Boston, Massachusetts

Founded

2017

Overview

Noyo provides a platform for managing and exchanging employee benefits data. The platform synchronizes important benefits information, making it readily available for businesses in the benefits and insurance sectors. This synchronization allows companies to design and deliver benefits more effectively, improving the experience for both employers and employees. Noyo's services include advanced tools and automation that help streamline operations, and it operates on a B2B model, earning revenue through subscriptions and service fees. What sets Noyo apart from its competitors is its focus on seamless integration of benefits data, which empowers businesses to create more efficient benefits programs.

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Simplify's Take

What believers are saying

  • Growing demand for API-based solutions as companies move away from legacy systems.
  • Partnerships with major carriers like The Standard enhance customer experience and efficiency.
  • Noyo's new integration experience reduces time to market for benefits software platforms.

What critics are saying

  • Emerging insurtech startups focusing on API solutions could dilute Noyo's market share.
  • Rapid technological advancements may require costly updates to Noyo's platform.
  • Potential data privacy concerns could arise with expanded data handling capabilities.

What makes Noyo unique

  • Noyo is the first to offer API solutions for benefits enrollment and eligibility.
  • Noyo's Command Center provides a comprehensive view of enrollment data for administrators.
  • Noyo's platform is SOC 2 Type II and HIPAA compliant, ensuring data security.

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Funding

Total Funding

$55.9M

Above

Industry Average

Funded Over

2 Rounds

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Above Average

Industry standards

$35M
$45M
Linktree
$45M
Noyo
$65M
Substack
$100M
ClickUp

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

0%

2 year growth

9%
PR Newswire
Feb 13th, 2024
Noyo Strengthens Leadership Team With Key Appointments

SAN FRANCISCO, Feb. 13, 2024 /PRNewswire/ -- Noyo, a pioneering force in benefits data management and the first-to-market with an API solution for enrollment and eligibility, is proud to announce the appointment of three leaders within the organization. These appointments bolster Noyo's leadership team and position the company for continued growth in the dynamic landscape of benefits technology.Elaina O'Mahoney Takes the Helm as Chief Product Officer (CPO)Noyo is pleased to announce the promotion of Elaina O'Mahoney to the role of Chief Product Officer. Formerly the Vice President of Product, Elaina has played an instrumental role in shaping Noyo's product strategy and driving innovation in benefits data management. In her new capacity as CPO, Elaina will lead the charge in steering Noyo's product vision, ensuring alignment with market demands, and spearheading initiatives that push the boundaries of modern benefits technology. With more than a decade of experience building cutting-edge HR software, Elaina is uniquely suited to shape the future of benefits."It's both thrilling and a great honor for me to step into the Chief Product Officer role at Noyo," O'Mahoney stated

PR Newswire
Jan 23rd, 2024
2024 Dubbed "The Year Of Benefits Automation" For The Insurance Industry With Api Technology Adoption Taking Center Stage

Noyo Delivers Trends and Predictions; Recaps Key Wins in 2023 Including New Features Launched; Carrier Insights from 2023 Convening Event; ITC and Workday Rising Participation and MoreSAN FRANCISCO, Jan. 23, 2024 /PRNewswire/ -- This year, more insurance carriers will improve their operations through automation including the adoption of API-enabled technology, according to Noyo, the leader in benefits data management.API technology is gaining strong momentum among carriers, displacing decades-old legacy Electronic Data Interchange (EDI), email and fax-based systems throughout the industry.Why? Because carrier leaders are seeing the significant paybacks of API-enabled benefits data exchange and management, which drives accurate data and thus enhanced member experiences, eases manual workload burden for carriers, benefits administrators, brokers and employers, as well as drives innovation toward modern, frictionless benefits."Having the right benefits and being able to easily understand and access them are key to people's health and well-being. And trusted data that can be seamlessly transmitted and verified is essential to a good member experience," said Shannon Goggin, co-founder and CEO of Noyo. "In 2023, the insurance industry made real progress in tech upgrades designed to support how people engage with their benefits, and we expect that to continue in 2024 – especially the significant adoption of API-enabled technology."In addition to the accelerated deployment of API tech, Goggin cited these 2024 predictions and trends for the benefits industry:Customization of benefits. Employers are getting more creative in the benefits they offer so they can better attract and retain employees in a highly competitive market. These include pet insurance, elder care and fertility treatments, among others

PR Newswire
Oct 30th, 2023
Noyo Showcases Its Complete Enrollment Technology Solution At Insurtech Connect In Vegas

Noyo is building modern data infrastructure for the entire group benefits industry, eliminating costs and complexity, while powering new possibilities.LAS VEGAS, Oct. 30, 2023 /PRNewswire/ -- Noyo, the leader in benefits data management, will showcase its complete enrollment solution at InsurTech Connect (ITC) held this week, Oct. 31 - Nov. 2, here in Las Vegas. At "the world's largest gathering of insurance innovation," Noyo will feature its powerful technology suite and advanced capabilities that enable the employee benefits industry to move away from EDI files, portals, paper, and manual data entry toward seamless automation and near real-time visibility.Noyo, the leader in benefits data management, will showcase its complete enrollment solution at InsurTech Connect (ITC) held this week in Vegas. Noyo will feature its powerful technology suite and advanced capabilities that enable the employee benefits industry to move away from EDI files, portals, paper, and manual data entry toward seamless automation and near real-time visibility that make it easy for ben-admins to enroll members with virtually any carrier faster and more reliably."Noyo's complete enrollment solution is an easy-to-deploy, giant leap forward for the HR and ben-admin software companies that are focused on delivering modern benefits experiences to their users," said Shannon Goggin, CEO and co-founder of Noyo

PR Newswire
Sep 20th, 2023
Noyo Unveils Command Center For Benefits Software Platforms

New User Interface Replaces Existing Dashboard with Feature-Rich Functionality and No-Code Workflows for Managing Enrollments Through NoyoSAN FRANCISCO, Sept. 20, 2023 /PRNewswire/ -- Noyo, the leader in benefits data management, today launched the Command Center, a first-of-its-kind interface that gives HR and ben-admin software platforms full visibility and control of their enrollment data, all in one easy to navigate place. Typically, this data is trapped in siloed EDI files, spreadsheets, email chains, and black box insurance systems that make it difficult to access key information about an employee or group's insurance coverage.With the Command Center, ben-admin operations teams have a single source of truth for enrollment in one, central place, making it faster and easier to respond to customer inquiries; proactively identify and resolve data discrepancies; and manage technical processes without relying on engineers. Unlike other solutions that provide a limited view of enrollment data, the Command Center offers ben-admins a complete picture of every group, employee, and their coverages — including real-time enrollment statuses and member change histories.Whether ben-admins are looking to improve existing operations tools or need a solution out-of-the-box, Command Center delivers new capabilities and insights with enrollment data.The Command Center is powered by the Noyo Enrollment Engine™, which continuously cleans, audits, and transmits member data so it stays up to date between ben-admin and carrier systems. While ben-admin platforms have always been able to access Noyo data to power their own tools and product experiences, with the Command Center they can now get a powerful suite of tools right out of the box — no code required."With the Command Center, benefits software platforms have everything they need at their fingertips to manage enrollments with full transparency and control," said Shannon Goggin, CEO and co-founder of Noyo. "No more wasted time sorting through portals, spreadsheets, and email chains

PR Newswire
Jul 12th, 2023
Noyo Debuts Simpler, Faster Integration Experience For Benefits Software Platforms

New Method Enables Benefits Innovation Across the Industry with a Faster, More Seamless Transition to NoyoSAN FRANCISCO, July 12, 2023 /PRNewswire/ -- Noyo, the leader in benefits data management, today announced its new integration experience for benefits software platforms. This launch makes it easier than ever to scale real-time connectivity with insurance carriers through a single API connection. Benefits software platforms can now get to market with a leading enrollment experience in dramatically less time than it typically takes to build direct or EDI-based connections with a single insurance carrier."Noyo is committed to providing simple solutions that allow any benefits software company to build dynamic, user-centric benefits experiences. In service of our commitment to simplicity, we saw an opportunity to further remove complexity for our users with our new APIs," said Shannon Goggin, CEO and co-founder of Noyo. "Now, any company can take advantage of our enhanced capabilities to connect with insurance carriers and power their business with live benefits data, regardless of whether they're established or new to our space."At the heart of the new process is how Noyo accepts data from benefits software partners, including member, dependent, demographic, and coverage changes. Named the 'member snapshot' method, this upgrade makes sending member changes even faster for benefits software platforms

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