DUOS, a digital health company focused on seniors, announced a $130 million strategic growth equity investment.
The investment was led by FTV Capital, with participation from Forerunner Ventures. The funding will be used to enhance AI capabilities and scale go-to-market operations for Medicare Advantage, Medicaid and ACA marketplace plans nationwide. A significant portion will also be directed toward proactive marketing and innovation efforts, executives said.
Also announced, DUOS Chief Strategy & Growth Officer Jenn Kerfoot was promoted to president of market operations. As part of the transaction, Alex Mason, partner at FTV Capital, and Justin Levine, vice president at FTV Capital, joined DUOS’ board of directors. DUOS is also focused on expanding the engineering organization and building a dedicated team under Kerfoot’s leadership to drive product innovation.
Founded in 2020, the DUOS platform guides members through the benefits they have but might not be using. It also helps members retain coverage through Medicaid redetermination, enroll in government programs, coordinate care and enroll in mail-order pharmacies.
“Our country's population is rapidly shifting towards an inverted population pyramid, where we have more people over 65 than under 18, while also facing the most complex and shifting Medicare and Medicaid landscape since the creation of Medicare Advantage,” Karl Ulfers, co-founder and CEO of DUOS, told Fierce Healthcare in an emailed comment. “The market is clearly indicating that it needs DUOS to continue growing and scaling its ability to utilize AI to unlock government programs, Medicare benefits and access to high-quality care.”
Medicare Advantage enrollment has grown significantly, now covering more than half of all beneficiaries. Meanwhile, payers face rising pressure to improve health outcomes and manage costs. Members must navigate complex benefits, digital barriers and unmet social and clinical needs that directly affect plan performance, DUOS executives argue. The company aims not only to engage members through outreach but also to close the loop between benefit design and member action.
Technology is core to what DUOS does. It was one of the earliest companies in the OpenAI startup program, Ulfers said. But its platform has evolved significantly over the past several years. It initially leveraged generative AI to help match older adults with the best benefits and resources. Then, it launched a chatbot for members and their caregivers to automate finalizing government program applications, benefit navigation and scheduling medical appointments, Ulfers said.
“Most health tech promises to improve engagement, but DUOS actually proves it, with real completion rates and measurable impact,” Alex Mason, Partner at FTV Capital, said in an announcement. “At FTV, we’ve spent decades investing in healthcare innovation, and DUOS stands out for leveraging AI to build the critical infrastructure health plans need to operate efficiently and improve member outcomes at scale.”