The following is an excerpt from Tami Luhby | August 14, 2018 | CNN.com |
Alphabet is pouring $375 million into Oscar Health, a small insurer that thinks it can use big data to revolutionize its industry.
The investment by Google's parent company, announced Tuesday, follows its participation in a $165 million infusion earlier this year. That round included investments from Verily Life Sciences, a division of Alphabet focused on using technology to prevent, detect and manage disease. Google also has invested in the company through its Capital G venture capital fund.
Oscar also announced Tuesday that Salar Kamangar, a longtime Google executive and former CEO of YouTube, will join its board.
The health insurer was co-founded in 2012 by Joshua Kushner, whose brother, Jared Kushner, is President Trump's son-in-law.
Oscar is one of several startup insurers that hoped to capitalize on the Affordable Care Act and the millions of Americans flooding the individual health insurance market. However, the company struggled in its early years as Obamacare got off to a rough start.
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