Investment to accelerate national expansion for industry-leading digital health platform, deepen AI capabilities and scale impact across Medicare Advantage, Medicaid and ACA

Jenn Kerfoot appointed President of Market Operations to drive continued commercial success

MINNEAPOLIS–(BUSINESS WIRE)–DUOS, a leading AI-powered digital health platform for member activation and benefits execution, today announced a $130 million strategic growth equity investment led by FTV Capital, a sector-focused growth equity firm with deep expertise in healthcare technology and services. The investment round also includes participation from Forerunner Ventures, DUOS’ earliest institutional investor, bringing the company full circle as it enters the next phase of growth. The investment will accelerate platform innovation, enhance AI capabilities and expand go-to-market operations across Medicare Advantage, Medicaid and ACA marketplace plans nationwide.

In conjunction with the investment, DUOS promoted Jenn Kerfoot to President of Market Operations to continue advancing commercial success and positioning DUOS as the operating layer to drive both member engagement and measurable plan performance leveraging AI.

“I started DUOS with the belief that health plans could do more to support older adults—not just with resources, but also with meaningful follow-through,” said Karl Ulfers, CEO and Co-founder of DUOS. “That belief has only deepened as we’ve helped more members navigate complex systems and delivered outcomes for plans under pressure. Our AI ensures the right action happens at the right time. FTV shares our vision for what’s possible, and their partnership and track record in the healthcare sector optimally positions us to continue growing with purpose. Jenn’s promotion also reflects the kind of leadership this next chapter deserves as we continue scaling our impact and evolving how we serve both members and plans.”

Medicare Advantage enrollment has grown significantly, now covering more than half of all beneficiaries, as health plans face rising pressure to improve outcomes, manage costs and reduce churn. At the same time, members must navigate increasingly complex benefits, digital barriers and unmet social and clinical needs that directly affect plan performance. These challenges are pervasive, yet most engagement solutions stop at outreach, failing to close the loop between benefit design and member action. Plans are left with fragmented tools, incomplete data and lagging indicators that hinder Star Ratings, risk adjustment and retention—resulting in avoidable revenue loss and increased operational costs.

DUOS addresses this challenge head-on with an AI-powered infrastructure that ensures its members not only engage but follow through. Founded in 2020, DUOS’ member experience and performance platform guides members through the benefits and services they already have, but too often go unused. From helping members retain coverage through Medicaid redetermination and enroll in government programs like LIS, to coordinating care through Annual Wellness Visit scheduling and mail-order pharmacy enrollment, DUOS ensures members complete high-value actions that directly impact plan revenue and retention. Embedded throughout the platform, DUOS’ AI learns from member behavior and intent, identifies what to do next and deploys intelligent digital and human support at the moment it’s needed.

“Most health tech promises to improve engagement, but DUOS actually proves it, with real completion rates and measurable impact,” said Alex Mason, Partner at FTV Capital. “At FTV, we’ve spent decades investing in healthcare innovation, and DUOS stands out for leveraging AI to build the critical infrastructure health plans need to operate efficiently and improve member outcomes at scale. We’re thrilled to support the company in building on its impressive momentum and driving the platform’s continued expansion.”

“DUOS was built to solve what we see as healthcare’s final-mile problem,” said Jenn Kerfoot, President of Market Operations at DUOS. “We’re not just solving for today’s engagement challenges. We’re building the infrastructure health plans need, not only for the members we serve now, but also for the version of this system we’ll inherit ourselves one day.”

As part of the transaction, Alex Mason, Partner at FTV Capital, and Justin Levine, Vice President at FTV Capital, joined DUOS’ board of directors.

About DUOS

DUOS is an AI-powered digital health company built to help health plans drive measurable performance by guiding members through coverage, care, and the actions that matter most. At the core of the DUOS platform is an intelligence engine that continuously learns from member behavior and plan priorities—determining the next best action and delivering it through a seamless combination of digital and human support. Founded in 2020, DUOS solves healthcare’s final-mile problem: making sure members don’t just receive information—they follow through. With closed-loop reporting, behavioral insights, and a focus on outcomes, DUOS helps plans improve quality, increase retention, and deliver a better member experience at scale. Learn more at getduos.com and follow us on LinkedIn.

About FTV Capital

FTV Capital is a sector-focused growth equity investment firm that has raised more than $10.2 billion to invest in innovative, high-growth companies across financial technology and services, vertical software, enterprise technology and services, and healthcare technology and services. Founded in 1998, FTV has developed a highly differentiated and disciplined growth equity model, which leverages the firm’s deep domain expertise and thematic investing approach to help portfolio companies accelerate growth. FTV also provides companies with access to its Global Partner Network®, a strategic group of more than 600 executives from many of the world’s leading financial services firms and FTV Propel®, an in-house team of seasoned operational leaders who deliver counsel and resources across a range of critical business functions. FTV has invested in over 150 portfolio companies, including 6 Degrees Health, Agiloft, EBANX, Luma, ReliaQuest, Vagaro and VALD and successfully exited/partially exited CardConnect (acquired by First Data), Egress (acquired by KnowBe4), Health Credit Services (acquired by Ally Financial), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

About Forerunner

Forerunner is a venture capital firm focused on the modern consumer. The firm invests at the intersection of shifting behavior and emerging technology, backing changemakers building category-defining companies across health and wellness, commerce, personal finance, career and learning, productivity and empowerment, social and entertainment, and resilience. Founded in 2012 and based in San Francisco, Forerunner has raised nearly $3 billion in assets under management to date.

Contacts

DUOS
Paige Romine
duos@pancomm.com

FTV Capital
Prosek Partners
pro-ftvcapital@prosek.com
646-818-9051

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