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Digital healthcare-management startup Welltok has raised $12 million, closing on a planned Series D round of $37 million.
The close of the round marks the involvement of two new investors, Catholic Health Initiatives and Hearst Health Ventures, a branch of mass media group Hearst Corporation. It follows last October’s $25 million gain, which included contributions from such firms as Bessemer Venture Partners, Emergence Capital Partners, InterWest Partners, New Enterprise Associates, and Qualcomm Ventures.
Based in Denver, Welltok develops software that allows health insurance providers and population health managers to give their members customized wellness programs, which are furnished with incentives to encourage healthy behaviors. At the forefront of the company’s product line is its CaféWell Health Optimization Platform, a Web-based preventative healthcare management program that integrates with and collects data from health apps and wearables such as MapMyFitness and FitBit.
According to a company statement, the funds will be used toward the launch of new “products and services, as well as expansion into new market segments.”
Among these "new products and services" is the upcoming CaféWell Concierge, an app powered by cognitive computing engine IBM Watson (perhaps best known for its appearance on Jeopardy! in 2011). Margolis will present the app at the J.P. Morgan Healthcare Conference in San Francisco next week.
“We will also be expanding our services to support the diverse needs of population health managers, ranging from commercial payers and government organizations to at-risk providers," CEO Jeff Margolis said.
“Bringing a Health Optimization Platform to the market that guides and incentivizes consumers to optimize their health is no small undertaking," he continued. "We are tirelessly adding new partners, building out new capabilities for different market segments, and honing our...consumer experience.”
The new funding brings Welltok’s 2014 financing total to $59 million, rendering a grand funding total of $89 million.