Maxwell Health, the developer of a human resources platform that manages benefits and promotes employee health, announced that it has secured $6 million series A1 financing, which it will use to meet the growing demand for its service from companies and benefits advisers across the country.
The funding round was led by Vaizra Investments, with participation from new investor Catalyst Health Ventures, previous investors Tribeca Venture Partners, Serious Change, Lerer Ventures, BoxGroup, and angel investors with deep industry expertise.
Maxwell’s offering allows businesses with existing health and benefits plans to sync them with Maxwell's platform without making adjustments to their existing insurance setup. Its user interface is available on all browsers and the company's mobile app.
Maxwell's portal lets companies and employees manage a range of benefits, including medical, dental, vision, life, disability, Consolidated Omnibus Budget Reconciliation Act (COBRA) administration, HRA/HSA, FSA and 401(k).
Employee wellness is central to the Maxwell platform, which offers health incentives, challenges and fitness devices. Employers can fund rewards for hitting health targets that employees can redeem through the portal or the mobile app.
Maxwell's concierge service acts as an informed, unbiased advocate available to recommend physicians, fix billing errors, schedule appointments, compare prescription prices and more. In addition, a mobile app makes it possible for employees to access the concierge service and manage all their benefits. A real-time dashboard offers benefits administrators and advisers the ability to track engagement and company spending.
"Maxwell is the first-ever operating system for managing employee benefits," Veer Gidwaney, CEO and co-founder of Maxwell Health, said in a statement. "We see the platform as fundamental to the infrastructure of any company, just like turning on email and other core apps and services."
Available nationwide, Maxwell is a software-as-a-service (SaaS) platform for creating and managing employee health plans, benefits and payroll. It enables the management of a wide array of HR functions, from onboarding to retirement planning.
In August, the company announced $2 million in funding, bringing its total series A round to $8 million.
In November, Maxwell entered a strategic partnership with Hub International, a global insurance brokerage firm, to provide Hub clients access to Maxwell's portal to manage their full range of benefits.
"Maxwell's platform is a game-changer in the marketplace–it combines the best of today's technology with human expertise to help companies reduce the hassles of managing their benefits,” Ron Agypt, chief sales officer for employee benefits at Hub, said in a statement. "This product will give Hub a strong competitive advantage, and we're excited to begin offering it to our clients, both existing and new."