Sweetch, a startup that uses an artificial intelligence-powered app to help patients manage chronic conditions, announced the completion of a $20 million Series A round of funding.
Entrée Capital led Series A round. It was joined by Tal Capital, Netherlands-based impact investor Noaber, Brazil-based Kortex Ventures, Insurtech VC FinTLV Ventures, and existing investors Philips, OurCrowd, and Qure Ventures.
According to the company, the funds will accelerate its expansion and further development of its artificial intelligence and emotional intelligence behavioral science app-based technology that engages individuals to achieve their health goals with the right message in the right tone, time, and real-world context.
According to Sweetch, its mobile intervention program is an effective method for achieving sustainable engagement and improved clinical outcomes across various dimensions of chronic disease management. In a clinical trial conducted at Johns Hopkins University’s Division of Endocrinology, Diabetes, and Metabolism, Sweetch’s fully automated intervention achieved 86% retention and significantly improved clinical outcomes for patients with early-stage diabetes, including lowering HbA1c levels, a diabetes biomarker for blood sugar.
“We believe that every person with chronic conditions should have a trusted voice empowering them to reach their micro-goals every step of the way throughout their unique health journey,” said Yoni Nevo, CEO of Sweetch. “The rapidly evolving remote health era is missing a critical component: effective continuous relationships between pharmaceutical companies, device manufacturers, payers, healthcare providers, and each of their individual patients. Sweetch provides this missing critical capability at scale to outsmart chronic conditions, together.”
“90% of healthcare costs in the US are attributable to chronic diseases, which afflict 50 percent of the population. We need a scalable solution to provide better care at lower costs. This seemingly contradictory statement can be achieved through technology like Sweetch,” said Dr. Doron Dinstein, Venture Partner at Entrée Capital.
Doron Dinstein added: “Sweetch’s digital therapeutic platform provides sustainable behavior changes and has been shown to impact people’s lives significantly. We see the company radically improving the economics of healthcare.”
mHealth Apps raised $1.6 billion in the first half of 2021.