Welltok raises $75 million to expand, develop new population health products
Welltok, the Denver-based software-as-a-service company that built the CafeWell Health Optimization Platform, has pulled in $75 million in a Series E2 funding round.
The capital will support market growth, product development and product integration.
"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," Welltok chairman and CEO Jeff Margolis, said in a statement.
He noted that the secret sauce is Welltok's ability to make big data small in a way that makes it possible for organizations to manage the health of a population – one consumer at a time. Welltok's platform systematically applies machine learning to both healthcare and non-healthcare data to understand and predict individual needs.
The company also offers ROI-based programs and resources aimed at engaging consumers in their health
Welltok's tech-based programming employs advanced analytics and multi-channel communications to reach consumers in ways they are most likely to take action, which helps the company retain customers and attract new ones, Margolis said.
The company powers growth and retention initiatives that impact healthcare cost trends and boosts the consumer experience for payers, employers, health systems, pharma and health services companies, he added.
Welltok won global recognition for its security and privacy capabilities last month. The company also recently acquired Tea Leaves Health, an analytics and consumer marketing technology platform used by 30 percent of the top health systems.
Participants in the funding round include new investors Future Fund Management Agency, Ziff Davis, NF Trinity Capital (Hong Kong) Limited and ITOCHU Corporation. Additionally, the vast majority of existing investors demonstrated their continued enthusiasm for the Welltok vision, including strong participation from New Enterprise Associates, Bessemer Venture Partners and Georgian Partners.