US-based health insurtech company Sidecar Health has raised $20m through its latest financing round led by Cathay Innovation.

The round also included the participation of new investors Comcast Ventures, Kauffman Fellows and 23andMeco-founder and CEOAnne Wojcickias well asprevious backers Morpheus Ventures and GreatPoint Ventures.

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The proceeds from the round will be used for the company’s expansion into new geographies and increasing its staff headcount.

Sidecar Health allows its customers to personalise their health insurance plan and offer complete transparency into their health costs.

The company noted that it intends to save $1trn in healthcare costs annually by enabling consumers to shop around for health services using its Visa payment card and mobile app.

Sidecar HealthCEOPatrick Quigley said: “This latest funding accelerates us towards our goal of significantly lowering the cost of health care in the US while increasing access to care.

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“Plans offered by Sidecar Health successfully address the agency problem created by traditional health insurance. By empowering patients to be purchasers of healthcare and re-aligning incentives throughout the system, Sidecar Health members benefit from lower health costs and greater access. As our membership base increases, price transparency and consumer choice push down the average price of health care services for everyone.”

Last year, Sidecar Health launched its product in the state of North Carolina.

The company raised $18m last year in a funding round led by GreatPoint Ventures and Morpheus Ventures. To date, it has raised over $40m.