Seattle-based startup Abett recently raised $11.6 million in a Series A funding round to support its Lockbox product, which helps large employers manage and analyze health plan data. The software platform is designed for benefits teams to share, store, and analyze data related to healthcare services offered to employees, with the goal of identifying cost-saving opportunities and other potential adjustments to benefits. Abett CEO and co-founder Mike Hanlon highlighted the significant effort and expenses that large employers devote to managing employee healthcare, noting that recent events such as the Change Healthcare cyberattack have prompted companies to reassess data security measures. Hanlon believes that Abett is well-positioned to capitalize on this trend, especially given regulatory changes such as the 21st Century Cures Act and the 2021 Appropriations Act, which aim to increase transparency in employee health plan data.
Hanlon, who previously worked at Amazon and as an economics professor at the Institute for Health Metrics and Evaluation, leads a team of 47 employees at Abett, many of whom also have experience working at Amazon in the 1990s. The company’s latest funding round was led by Acrew Capital, with additional participation from GreatPoint Ventures, NextGen Venture Partners, and Royal Street Ventures. Abett’s total funding to date now stands at $27 million, further solidifying its position in the health tech industry. This is the second startup founded by Hanlon under the Abett name, with the first iteration focusing on a web app for crowd-sourcing answers to user questions. However, that initial venture was later shuttered following its profile in GeekWire in 2017.
The Abett team’s experience in both the technology and healthcare sectors positions them well to address the challenges facing large employers in managing healthcare data for employees and dependents. By leveraging their expertise and innovative software solutions such as Lockbox, Abett aims to provide companies with valuable insights and tools to optimize their benefits offerings and improve cost efficiency. With the increased focus on data security and transparency in employee health plan management, Abett is well-equipped to meet the evolving needs of its clients and stay ahead of industry trends.
The recent funding round not only provides Abett with the financial resources to expand its software platform but also serves as an endorsement of the company’s vision and potential for growth. By attracting investments from leading venture capital firms, Abett has demonstrated its ability to deliver tangible value to its customers and differentiate itself in a competitive market. The team’s collective experience at Amazon and other prominent organizations further enhances their credibility and positions Abett as a trusted partner for large employers seeking innovative solutions for managing healthcare data.
As Abett continues to innovate and expand its product offerings, the company remains focused on delivering actionable insights and data-driven solutions to help employers make informed decisions about their benefits programs. By empowering benefits teams with advanced analytics tools and secure data storage capabilities, Abett is poised to drive meaningful change in how companies approach employee healthcare management. With its strong leadership, experienced team, and commitment to customer satisfaction, Abett is well-positioned to capitalize on the growing demand for innovative health tech solutions and establish itself as a leader in the industry.
