Wellth Inc., a Brooklyn, NY-based digital health startup, raised $2m in seed funding.
The round was led by AXA Strategic Ventures (ASV), the venture arm of the multinational insurance firm AXA (EPA:CS) with participation from B-Fore Capital, I2BF Venture Capital, Beta Bridge Ventures and AltaIR Capital. In conjunction with the round, ASV General Partner, Manish Agarwal will join Wellth’s Board of Directors.
The company intends to use the funds for product development and expanded sales channels.
Led by CEO and co-founder Matt Loper, Wellth works with insurers and risk-bearing providers to improve patient health, outcomes, and costs through the use of financial incentives and behavioral economics served through a mobile patient experience. Daily adherence is verified through picture submissions and connected devices, which allows patients to earn their rewards with minimal effort and data entry.
The company focuses on improving patient behaviors in chronic diseases where poor patient adherence is a major driver of preventable hospitalizations, readmissions, and other costs including Type 2 Diabetes, Congestive Heart Failure, Post Heart Attack Recovery, COPD and Asthma.
This round of financing comes as Wellth enters its 9th week in Cycle I of the 2016 Dreamit Health accelerator program and after it completed a pilot sponsored by a major national health insurer.
The company’s Advisory Board includes:
– Dr. Mark Fendrick, a professor at the University of Michigan;
– Larry Hausner, former head of the American Diabetes Association, and
– Michael Laskoff, former CEO and co-founder of behavior change company, AbilTo.