In Atlanta, Georgia, on December 15, Patientory, Inc., a healthcare data startup, is collaborating with students affiliated with the Environmental, Social, and Governance (ESG) Initiative’s Wharton Impact Venture Associates (WIVA) for a joint effort in capital fundraising.
The WIVA team focuses its investments exclusively on WeFunder, where Patientory has already achieved a fundraising goal of $50,000. WeFunder, a crowdfunding platform, enables non-accredited investors with limited capital to support promising early-stage startups, with contributions starting as low as $100.
Investors supporting the company participate through a Simple Agreement for Future Equity (SAFE), entitling them to acquire equity in the company later if it decides to issue shares in a future financing round.
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WIVA students played a pivotal role in connecting Patientory with WeFunder, delving into the healthcare industry to unveil significant challenges linked to fragmented data. According to the National Association of Chronic Disease Directors, around 40% of American adults grapple with chronic illnesses, necessitating regular interaction with various facets of the U.S. healthcare system.
This leads to the dispersion of their healthcare data across multiple systems. Due to the siloed patient data storage by hospitals and clinicians, the efficient sharing of this information becomes challenging. Consequently, an estimated 80% of healthcare data still needs to be made available, hindering the delivery of quality patient care.
Patientory AI development through blockchain
Patientory has introduced an innovative healthcare AI and data platform underpinned by blockchain technology to address challenges related to data accessibility in the industry, with a particular emphasis on enabling patients to control their health information.
This initiative seeks to transform the management and sharing of healthcare data through two innovative solutions. The Patientory Consumer Wallet offers a secure means for patients to store, share, and even monetize their health data.
Concurrently, the Neith Enterprise Dashboard serves as an analytics portal, facilitating healthcare stakeholders in extracting insights from shared and de-identified consumer health data on the Patientory blockchain network.
By providing a secure and user-friendly platform for patients to manage their health data, Patientory leverages AI to deliver personalized recommendations, enabling individuals to enhance their well-being. Additionally, the platform facilitates matching consumers with suitable clinical trials and cost-effective medications.
WIVA offers investing experience to students
Talia Cohen, a WIVA student from the class of W’24, recognized Patientory for its capacity to enhance healthcare outcomes and positively influence patients’ lives. In addition to its mission, Cohen’s team was particularly impressed by Patientory’s financial sustainability. Patientory has a subscriber base exceeding 45,000 on its platform and has secured over $4 million in pharmaceutical clinical trial contracts.
She explained that:
“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,”
WIVA offers students hands-on experience in impact investing, guiding them through identifying startups with the potential for significant impact. As an integral component of this educational journey, WIVA students engage in thorough financial and impact analyses of the identified startups, interview their founders, and facilitate connections with potential investors.