In New York, patient behavior change company Wellth has raised $10m in a Series A round of funding, which it will use to expand the business.
Wellth's platform combines a behavioral economics engine with a smartphone experience designed to 'nudge' patients by rewarding them with daily financial incentives for verifying adherence to prescribed medical care plans. Once enrolled, members use the platform to submit scheduled check-ins including a picture of their target behavior - such as medications placed in the palm of their hand, glucometer or blood pressure cuff readings - at a set time. These check-ins are immediately processed by Wellth's AI technology for verification, and insights can be relayed directly to care teams.
The new funding round was led by existing investors yabeo and Boehringer Ingelheim Venture Fund, with participation from returning investors AXA Venture Partners, New York Life Ventures, NFP Ventures, I2BF Global Ventures, and Partnership Fund for New York City, as well as new investors Rock Health and DaVita Venture Group.
yabeo's Gerrit Seidel, who will join Wellth's Board of Directors as Chairman, comments: 'Patients' daily behavior is what determine outcomes, and Wellth's ability to change this behavior is a win for everyone - including providers, health plans, biopharma, and patients alike. I am excited to help the team achieve their goal of becoming one of the most important companies in healthcare'.
Web site: www.wellthapp.com .
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.