US-based medical prescription adherence monitoring software developer Wellth has completed a $10m series A round co-led by pharmaceutical firm Boehringer Ingelheim’s Venture Fund (BIVF) and venture capital firm Yabeo.
Axa Venture Partners and New York Life Ventures participated on behalf of insurance firms Axa and New York Life respectively, and were joined by NFP Ventures, the corporate venturing arm of insurance broker and consultancy NFP Global, and DaVita Venture Group, part of healthcare provider DaVita.
Regional investment vehicle Partnership Fund for New York City, venture capital firm I2BF Global Ventures and health-focused seed fund Rock Health rounded off the transaction.
Founded in 2014, Wellth has built a mobile app that incentivises patients to take their prescribed medications by offering financial rewards when they upload images proving their compliance at scheduled intervals.
The technology is meant to be informed by principles of behavioural science, specifically targeting patient groups at greatest risk of not following prescriptions.
Wellth joined forces with Axa Equitable, a life insurance and retirement plan division of Axa, to launch a life insurance product in 2019 and has also partnered Boehringer Ingelheim for chronic disease management services.
The funding will help Wellth scale operations in order to address additional disease populations, including a strategic partnership with DaVita targeting kidney transplant recipients undergoing dialysis.
Gerrit Seidel, a managing director at Yabeo, has joined the board of directors.
Wellth closed a $5.1m funding round in 2018 featuring BIVF, Axa Venture Partners, New York Life Insurance, NFP Ventures, Yabeo, Partnership Fund for New York City, CD-Venture and private investor Leonard Schaeffer.
Axa Venture Partners, then called Axa Strategic Ventures, had previously led a $2m round for Wellth in 2016 with contributions from I2BF, B-Fore Capital, Beta Bridge Ventures and AltaIR Capital.