MINNEAPOLIS, Minnesota — RedBrick Health, the Minneapolis insurance company and wellness services provider, closed on $15 million in its third round of financing, the company announced.
It plans to use the money to expand and market its Health Earnings System, which provides insurance for self-insured companies and offers rewards to employees who take part in certain health programs and guidelines. The company promises that anyone who “actively participates” in its health program “regardless of current health condition” pays less for their health care.
Venturebeat describes the companies tracking systems as smacking of Big Brother.
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For example, it offers an iPhone application that records progress on a person’s walking exercises and beams the data back to Redbrick’s system. Pedometers and watches that do the same are also in the works, VentureWire reports. This might sound a tad invasive, but the company says that employers have the choice whether or not to make employees prove that they are following their custom health maps.
The company had raised $30.5 million – split almost equally – in two previous rounds, according to filings with the Securities and Exchange Commission. Kleiner Perkins Caufield & Byers led the Series C round, joined by previous investors Highland Capital Partners, Versant Ventures and Fidelity Ventures.
