NEW YORK, NY, Wellth, a behavior change platform for health insurers, has raised $2 million in new VC funding.
Based in New York City and founded in 2014, Wellth helps insurers and risk-bearing healthcare providers better understand their populations, improve customer health and retention, and lower costs, through a mobile first, financial incentive focused behavior change platform. Its goal is to help ensure the adoption and success of value-based care.
'We built Wellth, and the methodology of using incentives to improve patient behavior, based on decades of peer reviewed research,' said Matt Loper, CEO of Wellth. 'We're passionate about helping patients lead healthier lives and helping insurers better serve their clients. With this investment from AXA Strategic Ventures, we're able to expand our pilots to full implementation and continue to make it easier for people with chronic conditions to stay healthy.'
As part of the round, Manish Agarwal, General Partner of AXA Strategic Ventures, will join the Wellth Board of Directors. 'We are excited that Wellth's ability to prompt and verify patient behaviors translates into fewer hospitalizations, readmissions and overall lower medical costs,' said Mr. Agarwal. 'This investment continues our focus on digital health as a core investment thesis.'
The WellthApp is a mobile application that makes it easy for target populations to start and maintain healthy habits such as pill adherence or glucose monitoring. Tracking and verification occur through the patient's smartphone camera-users can quickly snap a picture of a pill in their hand and the time and date will be logged within the app. Many times, patients leave a hospital and fail to follow the instructions given by caregivers and unfortunately caregivers are often not able to follow up with every patient's activities. Using Wellth, patients can keep track of their medical activities with the application and that information can be shared with primary caregivers.
Wellth and their insurance partners focus on the high risk populations, such as members with type 2 diabetes, asthma and heart disease. Their financial incentives have been developed based on peer-reviewed research into behavioral economics and chronic disease management. In a pilot program sponsored by a major national health insurer, diabetic patients using Wellth increased daily medication adherence by more than 50%.
Find out more at www.wellthapp.com.
ABOUT AXA STRATEGIC VENTURES
AXA Strategic Ventures (ASV) is the venture capital platform backed by AXA, the leading global insurer and asset manager. ASV manages euros 230m ($260m) and can invest up to euros 15m ($17m) equity across both early and growth stages. ASV invests in technologies relevant to the insurance and asset management industries such as enterprise software, fintech as well as consumer technologies and marketplaces in travel, health, auto and property related businesses. With local teams in San Francisco, New York, London and Paris, ASV's initial focus is on investments in North America, Europe and Middle East.
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