Well Dot, an AI-powered app that uses data and behavioral economics to provide daily health recommendations, has closed a $40 million Series A round. Investors include General Catalyst, John Doerr, Mosaic Health Solutions, and Hellman & Friedman.
The company previously raised $25 million in seed funding in 2019.
According to Well Dot, the app delivers personalized motivational rewards and expert, concierge-style health guidance Services to its members. The services (which include rewards, in-app prompts, and phone support from live health guides) are offered through employers as part of their employee health benefits offerings.
“Corporations are seeking a world-class consumer healthcare experience for employees, giving them access to the data-driven tools they need to help achieve better outcomes for individual health goals,” said Ken Chenault, chairman and managing director, General Catalyst, and former chairman and CEO, American Express.
“The company plans to invest new funds in people and technology as it expands the user base, content, and the breadth of the offering,” Gary Loveman said.
Well works like this: employers sign up to offer the app to employees, and each individual employee can choose whether to opt-in. If they do, Well gets access to some of their health information and uses that to get a sense of what activities or tasks to push to the workers.
The app offers more than 200 tasks designed to help tackle various health issues, from sleep and stress to asthma and heart problems. Beyond the tasks, the app also offers help navigate care as well as virtual health consultations, according to the company.
The company aims to create sustainable health habits among employees for better health outcomes and lower costs for self-insured employers. Today, about 1,200 people use the Well app.
mHealth companies raised nearly $2 billion in the first nine months (9M) of 2020, according to Mercom Q3 & 9M 2020 Digital Health Funding and M&A Report.
