Marpai, a managed health plan platform for self-insured employers, raised $25 million by offering 6.25 million shares at $4, as expected. The company had originally filed to raise the same amount by offering 2.8 million shares at a range of $8 to $10, before cutting the proposed terms on Monday.
Marpai aims to create the healthcare payer of the future for self-insured employers by using artificial intelligence to predict costly events and optimize care. Marpai is the result of the combination of Marpai Health, its AI-focused subsidiary with a research and development team in Tel Aviv, Israel, and Continental Benefits, a provider of administration services to self-insured employer groups across the US.
The Tampa, FL-based company plans to list on the Nasdaq under the symbol MRAI. ThinkEquity acted as sole bookrunner on the deal.
