Consumer health software service company Welltok just announced it raked in $75 million in Series E2 funding. This round included new investors Future Fund Management Agency, Ziff Davis, NF Trinity Capital (Hong Kong) Limited and ITOCHU Corporation, as well as existing investors.
"We are continuing to invest in product development, expansion in new market segments and integration of other acquired assets and capabilities,” Chris Power, chief financial officer of Welltok, told MobiHealthNews in an email.
Welltok uses machine learning to analyze healthcare and non-healthcare needs for individuals. It then predicts what a user will need in the future and connects them to programs that engage users in their health, according to the company. It also helps companies reach out to consumers with multi-channel communications.
“What continues to attract investors and customers is the depth and breadth of our platform and services, and our ability to deliver an unparalleled personalized experience for consumers on behalf of their sponsors,” Jeff Margolis, Welltok’s chairman and CEO, said in a statement. “No other company has the full spectrum of capabilities required to make big data small in a way that allows organizations to proactively manage the health of a population—one consumer at a time.”
Recently, Welltock launched the EngageME platform to help payers streamline their communication to their patients. The platform lets customers, typically healthcare payers and providers, send information to clients. But the hub also keeps track of how many messages are going out.
Welltok has been growing in recent years. In 2016 the company landed on the Inc 5,000 list, with a revenue of $62.5 million.
Last year the company acquired healthcare analytics company Tea Leaves Health from j2 Global subsidiary Ziff Davis for $83 million. Tea Leaves provides customer relationship management, physician relationship management, and a decision support capability that connects patients with services both in the clinic and in the broader community. The acquisition is expect to give Welltock a foothold with provider groups as well as payers.