WELL Ventures Reports a New Investment and Successful Follow-on Fundraising Activity in its Portfolio with High Quality Capital Allocators
- WELL Ventures is pleased to report that its portfolio companies continue to raise funds at attractive valuations with high quality capital allocators globally.
- Sun Life has invested $9.5 million in Pillway, a move that reinforces the value of Pillway's digital pharmacy platform within Sun Life's benefits management program.
- WELL Ventures has completed a new investment in ORX AI, a company that is leveraging advanced AI to optimize operating room efficiencies and streamline healthcare revenue management.
- WELL Ventures, investee doctorly GmbH, the only VC-backed startup in Germany authorized to sell practice management software, has attracted a new round of funding of €6.7M in Series A Extension. The Round was led by Dusseldorf based Simon Capital and included participation from Geschwister Oetker Beteiligungen KG, UNIQA Ventures and WELL's investee HEALWELL AI (TSX: AIDX).
VANCOUVER, BC and TORONTO, Nov. 30, 2023 /CNW/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) ("WELL" or the "Company"), a digital health company focused on positively impacting health outcomes by leveraging technology to empower healthcare providers and their patients globally, is pleased to announce series of strategic investment developments that highlight its leadership in fostering innovation within the digital health technology sphere.
Hamed Shahbazi, Founder and CEO of WELL, stated, "We are very pleased to announce our new investment in ORX AI and see our WELL Venture portfolio companies Pillway and doctorly continue to raise capital with exceptional partners in this difficult funding environment. We believe this is a testament to the quality of companies and operators that are at the heart of WELL's investment program and our rigorous approach in due diligence and post transaction execution.
Amir Javidan, COO of WELL, added, "We also continue to be committed to intentionally aligning ourselves with the success of our investees by establishing thoughtful commercial partnering agreements in addition to our allocation of capital. This approach is working and elevating the value of our investments while delivering real operational value to both WELL and our investee partners."
Sun Life Investment Elevates Pillway's Market Position
Earlier this week, Sun Life announced a strategic investment of $9.5 million in Simpill Health Inc. ("Pillway"). This investment follows Sun Life's launch of the Lumino Health™ Pharmacy app provided by Pillway in June 2023 to Sun Life Group Benefits Clients in Canada. The app currently offers the following features: access to live pharmacist support through chat or phone, prompt medication delivery within Canada, personalized medication pre-packaging, as well as convenient adherence tracking, refill & renewal management, and notifications via the app.
Pillway's digital pharmacy platform is now a key component of Sun Life's benefits management program. The platform's seamless integration into Sun Life's offerings demonstrate the tangible impact of Pillway's technology on improving the management and delivery of health benefits. Through this partnership, Pillway's digital platform is expected to enhance the user experience for Sun Life's clientele, reflecting WELL's continued investment in solutions that contribute to better patient care and efficient provider service.
WELL Ventures Announces Investment in ORX AI to Amplify AI Program
WELL Ventures is pleased to announce its investment in ORX AI, a leader in AI healthcare technology, under its AI Investment Program. ORX AI's platform, Patient Compass transforms patient care by offering a user-friendly virtual agent that works alongside Electronic Medical Records (EMR) to allow patients to find care, get care, and advance care with greater ease.
Patient Compass is designed to empower patients in their healthcare journey, allowing them to manage and share their health data between WELL's trusted AI products and providers. Patient Compass unlocks crucial healthcare data for many use cases like identifying rare diseases and updating care plans with the latest medical insights.
WELL Ventures' investment in ORX AI is driven by WELL's commitment to empowering healthcare providers, and grew from the successful Digital Technology Supercluster project, Health Compass, announced on January 13, 2023. This collaboration highlighted each organization's shared commitment to advancing healthcare technology. ORX AI stands out in the healthcare technology landscape for its ability to harness healthcare data for AI enablement to support providers in world-class care and is a strategic move to support WELL's ongoing deployment of WELL AI Decision Support through its exclusive partnership with HEALWELL AI.
doctorly Secures Additional VC Funding From Consortium Including HEALWELL AI
WELL Ventures investee doctorly GmbH ("doctorly"), has attracted a new round of funding of €6.7M in Series A Extension. The Round was led by Dusseldorf based Simon Capital and included participation from Geschwister Oetker Beteiligungen KG, UNIQA Ventures and WELL's affiliate HEALWELL AI. This is a follow-on from the initial investment announced in March 2023. The investment underscores WELL's strategic focus on international growth and innovation in healthcare technology. As the only venture capital-backed startup in Germany authorized to sell practice management software, doctorly is uniquely positioned to transform the medical software landscape, already proving to reduce administrative time for healthcare providers.
This investment is poised to unlock the potential of patient EMR data through a strategic partnership between WELL, HEALWELL AI, and doctorly, aiming to tech-enable healthcare practitioners to improve patient care. The funds will boost doctorly's expansion in Germany, focusing on feature development that helps minimize administrative costs, thereby allowing healthcare professionals to dedicate more time to patient-focused services.
WELL continues to strategically allocate capital and form commercial partnering agreements with emerging tech firms, focusing on fostering a health innovation ecosystem in Canada and beyond. Through a disciplined investment process, WELL selectively backs opportunities that align strategically and financially. This approach effectively nurtures healthcare innovations from their development phase through to their market launch, showcasing WELL's commitment to meaningful partnerships with tech firms. By providing guidance and resources, WELL not only accelerates these ventures but also reinforces its role in cultivating a sustainable health innovation ecosystem, further establishing itself as a leader in healthcare technology.
For additional information about WELL Ventures, its portfolio companies, and its AI investment program please visit https://well.ventures/.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 33,000 healthcare providers between the US and Canada, and power the largest owned and operated healthcare ecosystem in Canada with more than 150 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, mental health, revenue cycle management, and practitioner recruiting. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more about the Company, please visit: www.well.company.
SOURCE WELL Health Technologies Corp.
Tyler Baba, Investor Relations Manager, [email protected], 604-628-7266
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