Healthcare Data Startup Patientory, Inc. Partners With WIVA For Capital
Atlanta, Georgia, December 15th, 2023, Chainwire
Patientory, Inc., a healthcare data startup, is partnering with students at the Environmental, Social and Governance (ESG) Initiative’s Wharton Impact Venture Associates (WIVA) in a capital raise.
The WIVA team exclusively invests on WeFunder, where Patientory already raised an ambitious target of $50,000 on the crowdfunding platform that enables non-accredited investors with limited capital to invest in promising early-stage startups with as little as $100. Investors who back the company enter into a Simple Agreement for Future Equity (SAFE), which grants them the right to obtain equity in the company at a future date if it sells shares in a future financing round.
Students at WIVA helped connect Patientory to WeFunder after digging deeper into the healthcare industry and discovering the huge challenges associated with fragmented data. Data from the National Association of Chronic Disease Directors shows that approximately 40% of American adults suffer from chronic illnesses, meaning they regularly interact with different parts of the U.S. healthcare system. This results in their healthcare data being scattered across multiple systems. Because hospitals and clinicians store patient’s data in siloed medical systems, it becomes difficult for healthcare practitioners to share this data efficiently. As a result, an estimated 80% of healthcare data is not readily accessible for quality patient care.
Patientory has developed an innovative healthcare AI and data platform powered by blockchain to solve the industry’s problems around data accessibility, especially patients’ controlling their health information. It aims to revolutionize the way healthcare data is managed and shared through two novel solutions. The Patientory Consumer Wallet enables patients to securely store, share and even monetize their health data, while the Neith Enterprise Dashboard is an analytics portal that enables healthcare stakeholders to mine shared and de-identified consumer health data from the Patientory blockchain network. By providing patients with a simple way to securely store, share and access their health data, Patientory delivers AI-based recommendations to consumers, allowing them to improve their health. In addition, it’s able to match consumers to suitable clinical trials and cost-effective drugs.
WIVA gives students real-world experience in impact investing, teaching them how to identify potentially impactful startups. As part of this research, WIVA students conduct a detailed financial and impact analysis on the startups they identify, interview their founders, and help connect them with investors.
WIVA student Talia Cohen, W’24, identified Patientory for its potential to improve healthcare outcomes and make a positive impact on the lives of patients. Beyond that impact, Cohen’s team was impressed with Patientory’s financial sustainability. To date, Patientory counts more than 45,000 subscribers to its platform and has generated over $4 million in pharma clinical trial contracts.
“As someone who grew up with two parents who were healthcare professionals, I understood the importance of healthcare data and how it can impact patients’ lives. I was impressed by Patientory’s commitment to giving patients control over their medical data and enabling secure data exchange among healthcare stakeholders,” Cohen explained.
“We’re excited to seek the backing of WeFunder’s investment community. Healthcare data is the foundation for improving healthcare around the world,” said Patientory founder Chrissa McFarlane.
About Patientory
Incorporated in 2015, Patientory Inc. offers a blockchain-based, HIPAA-compliant software platform. Through its two decentralized applications, the NEITH enterprise-focused web portal and the Patientory mobile app, Patientory Inc. empowers patients, medical professionals, and healthcare organizations to securely access, store, and exchange health information in real time with the highest levels of security. As the founding member of the Patientory Association, Patientory Inc. is powered by the PTOYMatrix blockchain network, which facilitates the secure and encrypted storage and exchange of health data. Learn more about Patientory Inc.
About Wharton Impact Venture Associates (WIVA)
Wharton Impact Venture Associates (WIVA) is a best-in-class impact investing educational program that mirrors typical investment fund activities. Students get hands-on training in sourcing and financial and impact analysis as they link entrepreneurs with potential investors.
