(Bloomberg) -- Bright Health Group Inc., a digital health records platform, is planning an initial public offering in the U.S. this year, according to people with knowledge of the matter.

The Minneapolis-based company plans to raise at least $1 billion in an IPO as soon as late in the second quarter, said the people, who asked not to be identified discussing private information. Bright Health could be valued at well above $10 billion, said the people. Underwriters are targeting a valuation as high as $20 billion, one of the people said.

Bright Health is working with JPMorgan Chase & Co., Morgan Stanley and Barclays Plc to advise its share sale, the people said.

Representatives for Bright Health, JPMorgan, Morgan Stanley and Barclays declined to comment.

Bright Health was co-founded in 2015 by Bob Sheehy, the former chief executive officer of insurance giant UnitedHealth Group Inc.

The medical services provider operates in 13 states, allowing users to find care and track health-related expenses, its website shows.

Bright Health raised $500 million in a series E funding round in September. The round was led by Tiger Global Management, T. Rowe Price Associates and Blackstone Group Inc. and joined by existing investors including NEA, Bessemer Venture Partners and Greenspring Associates, according to a statement.

The company has raised a total of more than $1.5 billion privately from those backers, as well as others such as Cross Creek Advisors and Flare Capital Partners.

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