Well Launches Consumer Platform with AI-Powered Health Engine, Raises $25 Million in Seed Funding from Seasoned Healthcare Investors
Well Dot, Inc., a company which has created a consumer platform to engage individuals in the advancement of their health, announced its formation. The Well platform applies a proprietary, AI-driven “health engine” that leverages clinical and consumer data to continuously calibrate and customize its engagement with members to help them tackle their health goals. Well is led by a team of executives with deep expertise in healthcare, consumer marketing, technology, artificial intelligence and customer engagement.
“We are unique in the way we are empowering and incenting individuals to engage in their health by leveraging data, technology and a high-touch delivery approach,” said Gary Loveman, Co-founder, Chairman, and Chief Executive Officer.
Well’s team of live health experts and digital experiences provide on-demand support to members to assist in the navigation of health care services, while surfacing personalized health insights. Well’s proactive engagement approach and sophisticated clinical and behavioral health tools are key parts of its member-focused experience.
“As the CEO of Caesars, it became clear to me that health plans offered to most employees are not designed to help individuals understand their health potential and truly improve their circumstances,” Loveman said. “We are now bringing a service to market that employs analytics, clinical data, medical experience and dynamic incentives to improve employee health and lower costs.” Loveman led Caesars Entertainment and its more than 70,000 employees for 13 years. Subsequent to his tenure at Caesars, Loveman was President of Consumer Health at Aetna.
The Well platform targets engagement with all employees and will initially be offered to employers to include as part of their employee benefit offerings. The company, based in Chapel Hill, North Carolina and Newton, Massachusetts, has launched its first corporate customer and is preparing to onboard several additional customers in early 2020.
“In our conversations with CEOs and Chief Human Resources Officers at large companies across the US, it is clear that there is an unmet need to help individuals engage in their health and navigate an incredibly complex healthcare system,” said David Werry, Co-founder, President and Chief Operating Officer of Well. “We believe every individual deserves access to a trusted health partner, tailored to each person’s unique needs and goals.”
Earlier this year, Well raised $25 million in a seed funding round led by experienced and strategic healthcare investors. The primary investors were General Catalyst, John Doerr, Partners from Hellman & Friedman and Mosaic Health Solutions, a division of Blue Cross and Blue Shield of North Carolina. Loveman, Werry and the leadership team also invested in the seed round.
“Corporations are seeking a world-class consumer healthcare experience for employees, giving them access to the data-driven tools they need to help achieve better outcomes for individual health goals,” said Ken Chenault, chairman and managing director, General Catalyst, and former chairman and CEO, American Express. “Gary’s leadership experience at Caesars and Aetna gives him unique insight into the positive impact serving the healthcare and wellness needs of employees has on the workforce. Leveraging the Well platform, companies are better positioned to meet these needs, resulting in a healthier workforce and cost savings to the enterprise.”