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Oscar raised new money from Alphabet, the parent of Google. Photo: Oscar

Google's parent company, Alphabet, is investing $375 million in health insurance startup Oscar just months after Oscar raised a separate $165 million cash injection. The new round leaves Oscar at a rough $3 billion valuation, per Wired.

The big picture: Oscar will use the money on technology and to expand into Medicare Advantage, which the company previewed with a job posting last year. But entering a new line of health insurance likely means losses will continue for the foreseeable future.

By the numbers: Oscar sells health plans in the Affordable Care Act marketplaces (for people who don't get insurance through a job) and for small employers. So far, the company has lost a lot of money:

  • Net losses of $127 million in 2017 and $205 million in 2016.
  • Revenue of $229 million in 2017 and $426 million in 2016.

Yes, but: Oscar is also relatively young and expects to lose money in the early years. However, due to state capital requirements, health insurers have to have enough cash on hand to cover expected medical claims, so Oscar can't continue to bleed money.

The intrigue: Oscar entering Medicare Advantage in 2020. It's the profitable, growing, privatized version of traditional Medicare. It also has closed, narrow networks of hospitals and doctors instead of traditional Medicare's open network.

  • But it'd take a while for Oscar to make any money here, according to actuarial experts. Oscar has to build the infrastructure needed to get Medicare Advantage star bonuses, and risk adjustment in Medicare Advantage is a completely separate beast from the ACA's risk adjustment.

Go deeper

Using apps to prevent deadly police encounters

Illustration: Sarah Grillo/Axios

Mobile phone apps are evolving in ways that can stop rather than simply document deadly police encounters with people of color — including notifying family and lawyers about potential violations in real time.

Why it matters: As states and cities face pressure to reform excessive force policies, apps that monitor police are becoming more interactive, gathering evidence against rogue officers as well as posting social media videos to shame the agencies.

Dan Primack, author of Pro Rata
14 hours ago - Technology

TikTok gets more time (again)

Illustration: Aïda Amer/Axios

The White House is again giving TikTok's Chinese parent company more to satisfy national security concerns, rather than initiating legal action, a source familiar with the situation tells Axios.

The state of play: China's ByteDance had until Friday to resolve issues raised by the Committee on Foreign Investment in the U.S. (CFIUS), which is chaired by Treasury secretary Steve Mnuchin. This was the company's third deadline, with CFIUS having provided two earlier extensions.

Federal judge orders Trump administration to restore DACA

DACA recipients and their supporters rally outside the U.S. Supreme Court on June 18. Photo: Drew Angerer via Getty

A federal judge on Friday ordered the Trump administration to fully restore the Deferred Action for Childhood Arrivals program, giving undocumented immigrants who arrived in the U.S. as children a chance to petition for protection from deportation.

Why it matters: President Trump has sought to undo the Obama-era program since taking office. Friday’s ruling will require Department of Homeland Security officers to begin accepting new applications for DACA as soon as Monday.