The Helper Bees Raises $6 Million And Partners With Insurance Carriers

By Amit Chowdhry ● July 27, 2020
  • The Helper Bees (THB) — a company that is creating a better model for home care — announced that it has raised $6 million in Series A funding led by Silverton Partners

The Helper Bees (THB) — a company that is creating a better model for home care — announced that it has raised $6 million in Series A funding led by Silverton Partners. Austin Impact Capital, Techstars, and strategic angel investors also joined the round.

How does THB work? THB has deployed a combination of skilled professionals and a proprietary data-driven technology platform to solve complexities in aging, payer systems, and care-recipient experiences. And THB will use the funding to rapidly expand its partnerships in the long-term care insurance market and continue the development of products to reduce costs and improve outcomes. Plus the infusion of new capital will enable THB to continue to work with the world’s largest insurance carriers, improving their operations and customer experience through digital transformation and analytics.

Insurance carriers are going to be empowered to reduce operational costs and streamline the approval and denial experience for customers. The team will also invest even more in their latest long-term care offering called the Care Concierge program — which shows early success in both bending the claims cost curve and enabling people to remain healthy and independent at home longer. And the new capital will also fuel THB’s vertical expansion into the workers’ compensation and disability insurance markets.

The Helper Bees builds software and services to improve the claims process for long-term care, workers’ compensation, and disability carriers nationwide. And THB also uses this data to power their next-generation model of home-care and care management.

Since launching in 2017, THB has acquired over 12 insurance clients — most of which are large companies in the Fortune 300. And the company’s revenue has grown 8X in the past year. THB was co-founded by Dr. Char Hu, Eric Corum, and Danny Lynch — who have a history of building successful companies delivering both long-term care services and technology.

KEY QUOTES:

“Delivering transformative care to a vulnerable population that desperately needs it, all during uncertain times is not for the faint of heart. Our team worked tirelessly integrating the acquisition of the nurse-care management company Dimensions while successfully driving exponential client and revenue growth. That’s why I am so excited for the next stage in our company’s development. We couldn’t wish for a better partner in Silverton, whose stellar track record of financing successful tech companies will help us to reach more care-recipients in need.”

— Dr. Char Hu, CEO and co-founder at The Helper Bees

“We’ve been fortunate enough to see firsthand how analytics and machine learning can transform early-stage startups into market leaders within the insurtech sector. The Helper Bees is at the intersection of two major markets where innovation is needed: long-term healthcare and insurance. We are excited to be an early investor and are ardent supporters of Dr. Hu and the team they are building.”

— Morgan Flager, general partner at Silverton Partners