Rightway has raised $155 million in Series E financing to expand its pharmacy benefits management (PBM) technology and artificial intelligence capabilities. The company, founded in 2017, combines pharmacy benefits with clinical support and care navigation services for employers and their members.
Rightway said its client base now includes 45 Fortune 500 companies. Its PBM model is designed to help members identify medications at lower costs, while its care navigation service supports employees in finding healthcare services and understanding their benefits.
The company plans to use the new capital to develop AI capabilities aimed at reducing pharmacists’ administrative workloads, identifying opportunities to lower medication costs and helping clinical teams provide personalized member support. It also intends to build technology giving employers additional flexibility over pharmacy spending and members more options for filling prescriptions.
"We built our financial model to reward getting members onto high-value drugs, and we embedded clinicians in the workflow and AI on the backend to do it," Jordan Feldman, Rightway's cofounder and CEO, said in a statement.
"If we can help employers get more from one of their largest and fastest-growing healthcare expenses, we make healthcare more affordable for companies and the people who work for them."
Rightway’s SureSpend pricing model includes a cap on pharmacy spending alongside a separate arrangement covering GLP-1 therapies and rare, high-cost medications at net cost, with rebates passed through to clients.
According to the company, its PBM operates through a per-member administrative fee and passes all rebates to clients. Rightway also says it does not retain dispensing revenue or the difference between amounts paid by health plans and those received by pharmacies, and does not own pharmacies.
The Series E follows several previous financing rounds. Rightway raised $20 million in Series B financing in 2019 and $100 million in Series C funding at a $1.1 billion valuation in 2021. It subsequently secured $108.75 million in Series D funding in 2024.
The latest investment will support Rightway’s continued development of its pharmacy benefits infrastructure as the company integrates AI into administrative, clinical and cost-management workflows.
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