HealthTech startup Patientory partners with WIVA in a capital raise to democratize access to healthcare data
About 40% of adults in the United States grapple with chronic illnesses, regularly navigating various facets of the country’s healthcare system, according to data from the National Association of Chronic Disease Directors. This results in their health records being scattered across different systems.
It doesn’t stop there. Due to the segmented storage of patient data in disparate medical systems by hospitals and clinicians, the efficient sharing of this information becomes a challenging task for healthcare practitioners. Consequently, an estimated 80% of healthcare data is not easily accessible for ensuring high-quality patient care. That’s where healthcare data startup Patientory steps in.
The 8-year-old startup has developed an innovative AI-driven healthcare platform using blockchain tech to tackle the challenges around data accessibility, particularly empowering patients to manage their own health information.
Today, Patientory announced it’s teaming up with students from the Wharton University of Pennsylvania’s ESG Initiative’s Wharton Impact Venture Associates (WIVA) in a capital raise.
The WIVA crew invests exclusively on WeFunder, a crowdfunding platform where Patientory has already hit a bold goal of $50,000. WeFunder lets non-accredited investors, even those with limited capital, support promising startups early on with as little as $100. Those who pitch in get into a deal called a Simple Agreement for Future Equity (SAFE), giving them a shot at owning a piece of the company down the line if it offers shares in a future funding round. WIVA students played a crucial role in connecting Patientory with WeFunder after diving deep into healthcare and uncovering the mess that is scattered data.
That’s where Patientory jumps in with its innovative healthcare AI and data platform fueled by blockchain. Their aim? To solve the data accessibility puzzle, especially empowering patients to take the reins on their health info. They’ve got two nifty solutions in play: the Patientory Consumer Wallet, letting patients securely store, share, and even monetize their health data, and the Neith Enterprise Dashboard, a smart analytics hub for healthcare bigwigs to dig into shared and anonymous consumer health data from the Patientory blockchain network. By giving patients a simple, secure way to handle their health data, Patientory dishes out AI-based suggestions to help folks level up their health and even match them with suitable clinical trials and cost-effective drugs.
WIVA’s deal is about giving students a taste of real-world impact investing, showing them how to spot startups that could shake things up. They dive deep into these startups, doing financial and impact analysis, chatting with the founders, and linking them up with investors.
One of the WIVA students, Talia Cohen, identified Patientory for its potential to spruce up healthcare outcomes and make a positive dent in patients’ lives. Cohen’s gang was also impressed by Patientory’s financial game—they’ve already got over 45,000 platform subscribers and have banked more than $4 million in pharma clinical trial contracts. Cohen had a personal stake in this too:
“Growing up with two parents knee-deep in healthcare, I knew how crucial healthcare data is and how it can change lives. Patientory’s commitment to letting patients take the wheel with their medical data and ensuring secure data sharing among healthcare players really struck a chord with me,” she said.
Chrissa McFarlane, the brains behind Patientory, is pumped about tapping into WeFunder’s investor community: “Healthcare data is the key to fixing up healthcare worldwide,” she pointed out.
Founded in 2015, Patientory Inc. provides a blockchain-based, HIPAA-compliant software platform. Through its NEITH enterprise-focused web portal and Patientory mobile app, the company empowers patients, medical professionals, and healthcare organizations to securely access, store, and exchange health information in real-time with the highest levels of security. As the founding member of the Patientory Association, Patientory Inc. operates on the PTOYMatrix blockchain network, facilitating the secure and encrypted storage and exchange of health data.