In Atlanta, Georgia, Patientory, Inc., a healthcare data startup, will partner with students affiliated with the Environmental, Social, and Governance (ESG) Wharton Impact Venture Associates (WIVA) on December 15 Initiative for a joint capital fundraising effort. .
The WIVA team is focusing its investments exclusively on WeFunder, where Patientory has already reached a fundraising goal of $50,000. WeFunder, a crowdfunding platform, allows non-accredited investors with limited capital to back promising early-stage startups, with contributions starting at $100.
Investors who back the company participate through a Simple Agreement for Future Equity (SAFE), which gives them the right to later acquire shares in the company if it decides to issue shares in a future funding round.
WIVA students played a critical role in connecting Patientory to WeFunder, delving into the healthcare industry to reveal key challenges associated with fragmented data. According to the National Association of Chronic Disease Directors, approximately 40% of American adults struggle with chronic illnesses, necessitating regular interaction with various facets of the U.S. healthcare system.
This leads to the distribution of their healthcare data across multiple systems. Due to the siled storage of patient data by hospitals and physicians, efficiently sharing this information becomes a challenge. As a result, an estimated 80% of healthcare data still needs to be made available, hindering the delivery of quality patient care.
Patient AI development via blockchain
Patientory has introduced an innovative healthcare AI and data platform, powered by blockchain technology, to address data accessibility challenges in the industry, with a particular focus on enabling patients to access their health information check.
This initiative aims to transform healthcare data management and sharing through two innovative solutions. The Patientory Consumer Wallet provides patients with a secure way to store, share and even monetize their health data.
At the same time, the Neith Enterprise Dashboard acts as an analytics portal, facilitating healthcare stakeholders in extracting insights from shared and anonymized consumer health data on the Patientory blockchain network.
Providing patients with a secure and easy-to-use platform to manage their health data, Patientory uses AI to provide personalized recommendations, helping individuals improve their well-being. Furthermore, the platform facilitates matching consumers with appropriate clinical trials and cost-effective medicines.
WIVA offers students investment experience
Talia Cohen, a WIVA student from the class of W’24, recognized Patientory for its ability to improve healthcare outcomes and positively impact patients’ lives. In addition to the mission, Cohen’s team was particularly impressed with Patientory’s financial sustainability. Patientory has a subscriber base of more than 45,000 on its platform and has secured more than $4 million in pharmaceutical clinical trial contracts.
She explained that:
“As someone who grew up with two parents who were healthcare professionals, I understood the importance of healthcare data and how it can impact the lives of patients. I was impressed with Patientory’s commitment to giving patients control over their medical data and enabling secure data exchange between healthcare stakeholders.”
WIVA provides students with hands-on experience in impact investing and guides them in identifying startups with the potential for significant impact. As an integral part of this educational journey, WIVA students conduct thorough financial and impact analyzes of the identified startups, interview their founders and facilitate connections with potential investors.