Devoted Health company profile: valuation, funding & revenue

This Devoted Health company profile covers the company's valuation, revenue, funding rounds, investors and history. Devoted Health works in healthcare, with a focus on medicare Advantage health plans and care delivery. It was founded in 2017 and is headquartered in Waltham, Massachusetts, United States. Its latest valuation on record is About US$16 billion (reported) (January 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Devoted Health timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2017 — Devoted Health is founded in Waltham by Todd Park and Ed Park (CEO).
• Oct 2021 — Series D: US$1.15B, valuing the company at About US$12.7B. Investors: SoftBank Vision Fund 2 (lead).
• Dec 2023 — Series E: US$175M, valuing the company at About US$12.9B.
• Jan 2026 — Series F and F-Prime: US$366M (two tranches), valuing the company at About US$16B (reported).
• 2026 — Reported later valuations: A 2026 round was listed at about US$16 billion, and Business Insider reported talks at about US$25 billion; not independently confirmed.

Investors

Overview

Devoted Health runs Medicare Advantage health plans for older Americans and provides care through its own medical group. Medicare Advantage plans are private alternatives to traditional Medicare, paid by the federal government to cover members' healthcare. Devoted combines insurance with in-house care teams, technology and member support, aiming to keep members healthier, simplify their experience and reduce costs. It has grown to serve members in many US states and has become one of the most valuable private healthcare companies in the country.

Brothers Todd Park and Ed Park founded Devoted in 2017. Todd Park co-founded athenahealth, the healthcare software company, and served as US Chief Technology Officer under President Obama, where he helped rescue the HealthCare.gov website. Ed Park, the CEO, was previously COO of athenahealth. The company is headquartered in Waltham, Massachusetts.

What Devoted offers

• Medicare Advantage plans: health plans covering doctor visits, hospital care, prescription drugs and extra benefits such as dental, vision and hearing.
• Devoted Medical: its own clinicians providing virtual and in-home care, care coordination and support for chronic conditions.
• Guides: member support staff who help with appointments, benefits and questions.
• Technology platform: software built in-house to manage claims, care and member service.

Funding and valuation

Devoted raised early funding from investors including Andreessen Horowitz and General Catalyst. In October 2021 it raised a US$1.15 billion Series D led by SoftBank Vision Fund 2 at a valuation of about US$12.7 billion. In December 2023 it raised US$175 million in a Series E at about US$12.9 billion, according to CB Insights, followed by an extension in 2024. In 2026, a data provider listed a further round at about US$16 billion, and Business Insider reported talks to raise at about US$25 billion. We haven't confirmed these later figures from primary sources, so we use US$12.9 billion and list the later reports separately.

Business model

Medicare Advantage plans receive a monthly payment from the federal government for each member, adjusted for members' health status ("risk adjustment"), and must pay for their care. Plans profit if they manage care efficiently and keep members healthy; they lose money if medical costs exceed payments. Devoted aims to lower costs by coordinating care closely and catching problems early. Star ratings from Medicare, which reflect quality, affect bonus payments and marketing. Devoted doesn't publish revenue, so we show it as not disclosed; as an insurer, its revenue is large relative to its margins.

Competition

Devoted competes with large insurers such as UnitedHealthcare, Humana, Aetna (CVS Health) and Elevance, which dominate Medicare Advantage, and with other insurtechs such as Alignment Health, Clover Health and Oscar Health. Many insurtechs that went public struggled after listing, which makes Devoted's continued private growth notable.

Devoted Health at a glance

Devoted Health is a Waltham, Massachusetts, company founded in 2017 by brothers Todd Park and Ed Park, both athenahealth co-founders. It runs Medicare Advantage plans and its own medical group. It raised a US$1.15 billion Series D at about US$12.7 billion in 2021 and was valued at about US$12.9 billion in a December 2023 Series E, with reports of much higher valuations in 2026.

Timeline

• 2017: founded by Todd and Ed Park.
• 2019: launches its first Medicare Advantage plans.
• October 2021: raises US$1.15 billion at about US$12.7 billion.
• December 2023: raises US$175 million at about US$12.9 billion.
• 2024–2026: expands into more states; later valuation reports rise.

The Medicare Advantage market

More than half of eligible Medicare beneficiaries now choose Medicare Advantage over traditional Medicare, and the programme has grown into a market worth hundreds of billions of dollars a year. It has also attracted scrutiny: government watchdogs have questioned billing practices around risk adjustment, and changes to payment rates and audits can significantly affect insurers' profits. In 2024 and 2025, many large insurers reported rising medical costs that squeezed margins, making the sector more volatile.

Who Devoted serves

Devoted's members are Americans aged 65 and older, plus some younger people with disabilities, who choose Medicare Advantage in the states where it operates. Many have chronic conditions that benefit from coordinated care.

Risks

• Regulation: changes to Medicare payment rates and audits affect profitability.
• Medical costs: rising utilisation can squeeze margins.
• Star ratings: lower quality ratings reduce bonus payments.
• Competition: large insurers have scale advantages.

Questions for analysts

• How do Devoted's medical cost ratios compare with peers?
• What are its star ratings, and how do they affect revenue?
• How durable is growth if Medicare payment rules tighten?

Valuation context

Devoted's valuation has risen from about US$12.7 billion in 2021 to reported figures well above that in 2026, while several publicly listed health insurance startups lost most of their value after going public. Investors appear to reward Devoted's combination of insurance and in-house care and its growth in membership.

Questions for members

• Which doctors and hospitals are in the plan network?
• What extra benefits are included, and what are the out-of-pocket costs?
• How do you reach care teams or guides when you need help?

Members typically choose plans during Medicare's annual enrolment period each autumn, so marketing, broker relationships and plan design each year strongly influence growth. Strong star ratings and word of mouth help plans gain members over time.

Latest developments (October 2026)

Devoted Health raised US$366 million in two tranches, a US$48 million Series F in November 2025 and a US$317 million Series F-Prime in January 2026, according to StartUp Health, and reports put its valuation at about US$16 billion. In August 2026 Business Insider reported it was in talks to raise at about US$25 billion; the company declined to comment, according to Briefs. Its Medicare Advantage membership reportedly more than doubled to about 466,000 in January 2026. This supersedes the 2023 valuation described earlier on this page.

What to watch

Watch confirmation of new funding, membership growth, star ratings, Medicare payment rules and any IPO plans. Our guide to healthcare AI startups covers related companies.

Takeaways

Older Americans have another option combining insurance and coordinated care. Founders can see how healthcare veterans build in regulated markets. Investors should weigh strong growth against regulatory risk.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Briefs (citing Business Insider)
2. AI Weekly (citing Business Insider)
3. StartUp Health
4. CB Insights
5. S&P Global Market Intelligence