This past April, Oscar raised $145 million at a $1.5 billion valuation in a bid to reimagine health insurance. Today, the company has announced it has raised a much smaller additional $32.5m of capital from Google at a valuation of $1.75b. The company is still losing money, which is not totally unexpected given the high amount of upfront capital and requirements to meet when starting a brand new insurance carrier. But the diminutive round still begs the question, was the raise really just to provide affirmation of an upward valuation for Oscar?