Healthcare · Profile from Healthcare Research Companion
Devoted Health, Inc.
The privately held Medicare Advantage insurer and medical group founded in 2017 by athenahealth's Park brothers, which bet that a single company owning the health plan, the member-service "Guides", its own virtual and in-home doctors, and its own software could deliver better care to older Americans at lower cost. Devoted became the best-funded insurance start-up of its generation and the one survivor of the 2012–2021 "insurtech" wave still growing fast in 2026. It has never published audited profits and has never gone public.
At a glance
- Founded
- 2017, Waltham, Massachusetts (first plans sold for the 2019 plan year in Florida)
- Founders
- Ed Park (CEO; former athenahealth COO) and Todd Park (Executive Chairman; athenahealth and Castlight co-founder, former US Chief Technology Officer); founding team included Venrock's Bryan Roberts and Bob Kocher, and Jeremy Delinsky (former CTO of athenahealth and Wayfair)
- Headquarters
- Waltham, Massachusetts
- Ownership / structure
- Private, venture-backed; regulated insurance subsidiaries in each state plus a medical group (Devoted Medical)
- Leadership (2026)
- Ed Park, co-founder and CEO; Todd Park, co-founder and Executive Chairman; Dr. Neil Wagle, Chief Medical Officer (verify current titles)
- Segment and buyer
- Payer and provider ("payvider"): Medicare Advantage HMO and PPO plans, including dual-eligible special needs plans (D-SNPs); the main payer is the federal government (CMS capitation), with Medicaid on D-SNP contracts
- Scale
- ~40,000 members (mid-2021); ~140,000 (end 2023, 13 states); ~245,000 (end 2024, reported estimate); 466,000+ members in 29 states (January 2026, company); revenue ~$3.3bn in 2024 (Sacra estimate); an April 2026 Endpoints report, as summarised elsewhere, put 2025 revenue at ~$2.1bn (–5%), which does not reconcile with that estimate; Devoted publishes no financials, so treat both as unconfirmed
- Capital raised / valuation
- ~$69m (2017) → $300m Series B (2018) → ~$450m Series C (~2020, verify) → ~$1.15–1.2bn Series D (2021, ~$12.6–12.7bn) → $175m + $112m Series E (2023–24, ~$12.9bn) → $366m Series F/F-Prime (Nov 2025–Jan 2026, ~$12.6–16bn, sources differ) → $550m Series G in a ~$1.18bn primary-and-secondary financing (October 2026; ~$25bn valuation reported by Business Insider, verify)
- Signature moves (incl. failures)
- Founding as plan + provider; $300m Series B and Florida launch; Texas and multi-state expansion; Devoted Medical and Guides; SoftBank-led mega-round; 5-star quality engine; flat-valuation Series E and scrutiny of losses; 2025 benefit reset, revenue dip and layoff; 2026 growth surge as incumbents retreat and ~$25bn round
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2017
Founding and Payvider Model
Founding
2018
Series B and Florida Launch
Funding round / launch
2019
Texas and Multi State Expansion
Geographic expansion
2020
Devoted Medical and Guides
Launch / care model
2021
Series D Mega Round
Funding round
2022
Five Star Quality Engine
Operating strategy (quality and star ratings)
2023
Flat Series E and Profitability Question
Funding round / public scrutiny
2025
MA Squeeze Benefit Reset
Restructuring / pricing change
2026
Growth Surge and 25bn Round
Growth / funding round