Former UnitedHealthcare CEO Bob Sheehy is rejoining the marketplace with his latest endeavor: Bright Health, a new health insurance startup. As co-founder and CEO, Sheehy has secured $80 million in funding from venture capitalists and is eyeing PPACA exchanges and Medicare Advantage.

Kyle Rolfing and Dr. Tom Valdivia, Sheehy's co-founders, will act as president and chief medical officer, respectively. The two come from executive positions at Definity Health, a company that was bought out by UnitedHealth Group in 2004.

Bright Health will sell narrow-network plans on and off PPACA's exchanges in 2017 in one state, although it hasn't been revealed which state that is yet (with the startup making its home in Minneapolis, my bet is on Minnesota, but you know what people say about assuming things). The announcement is a few months away, but Sheehy says the goal is to have Bright Health available in three to five states over the next five years.