Wellinks Raises $25M to Boost Access to Its Digital Healthcare Tools
It offers a combination of pulmonary rehabilitation with personalized coaching and monitoring through connected devices, such as the Flyp nebulizer, spirometer, and pulse oximeter, and a user-friendly app.
“At Wellinks, we are combining evidence-based care and technology into a virtual-first solution that prioritizes the individual experience, meets the patient where they are, and empowers them to take control of their COPD,” Alex Waldron, the company’s CEO, said in a press release.
This new funding will allow Wellinks to continue expanding its partnerships with payers and providers, and offer its virtual COPD management system to more patients. Additionally, the funds will allow Wellinks to expand its team and help sustain its growth, while supporting the development of new clinical studies assessing its virtual products.
As the third leading cause of death in the U.S. with an estimated healthcare cost of $49.9 billion every year, “COPD is one of the costliest [and] common chronic conditions” in the country, according to Waldron. “But it hasn’t yet received the same level of innovation and investment as other chronic conditions have.”
Currently, healthcare for COPD remains fragmented and challenging for patients to access, according to Wellinks. There is evidence that better integrated care could help reduce 30-day hospital readmissions by up to 57% and that pulmonary rehabilitation can lower disease-associated costs by up to $650 per week.
“When it comes to chronic diseases like COPD, traditional healthcare delivery models fall short in meeting patients’ needs and improving outcomes,” said Stephen Bruso of Morningside Ventures, the new investor that led this funding round.
“By delivering care to patients in their own homes through a virtual-first approach, we believe that Wellinks’ digital health platform will help close critical gaps in care for patients and reduce costs across the health care system by preventing costly ER visits and hospitalizations,” he added.
In addition to Morningside Ventures, this funding round was supported by returning investors HighCape Capital, Connecticut Innovations, Benslie Ltd., and Stonehenge Capital. This Series C funding round follows a previous $14-million Series B round that was led by HighCape in 2019.