Wellinks Announces $25M in New Funding to Expand First Integrated Virtual COPD Management Solution to More Patients
NEW HAVEN, Conn., Nov. 3, 2021 /PRNewswire/ -- Wellinks, a digital healthcare company offering the first-ever integrated, virtual Chronic Obstructive Pulmonary Disease (COPD) management solution, today announced it has closed a $25 million funding round. New investor Morningside Ventures led the round, and was joined by returning investors HighCape Capital, Connecticut Innovations, Benslie Ltd., and Stonehenge Capital. The new funding will accelerate Wellinks’ growth, as well as its development of clinical research studies. As part of the funding round, Stephen Bruso of Morningside Ventures will join Wellinks’ board of directors.
“COPD is one of the costliest, most common chronic conditions in the U.S., but it hasn’t yet received the same level of innovation and investment as other chronic conditions have,” said Alex Waldron, Wellinks CEO. “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.”
COPD is the third leading cause of death by disease in the U.S. and the fifth most costly chronic condition, with an estimated $49.9 billion spent annually. Unfortunately, the current care system for COPD remains fragmented and difficult for many patients to access. Despite evidence that integrated COPD care can reduce 30-day hospital readmissions by as much as 57 percent, and that pulmonary rehabilitation can reduce COPD costs by as much as $650 per week, patients lack meaningful access. Wellinks combines virtual pulmonary rehabilitation, personalized health coaching, and monitoring through connected devices and a patient-friendly app. The product strives to close access barriers through easy integration with existing care plans.
“When it comes to chronic diseases like COPD, traditional healthcare delivery models fall short in meeting patients’ needs and improving outcomes,” said Bruso. “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.”
Wellinks will use this new infusion of capital to continue expanding its partnerships with payers and providers to provide its COPD management solution to more patients, and continue to expand its talented team to support that growth. Additionally, the funds will support the development of new clinical research studies examining both the clinical and economic outcomes of the virtual-first solution.
Wellinks was established in 2019 through the merger of two existing companies, Convexity Scientific Inc. and Wellinks. In bringing together the digital health expertise from the original Wellinks team, and the medical device expertise of Convexity Scientific Inc, the company set out to reimagine COPD care. This funding round, a Series C, follows a $14 million Series B led by HighCape in 2019.
Wellinks, formerly Convexity Scientific Inc., is a digital health care company offering the first-ever integrated virtual Chronic Obstructive Pulmonary Disease (COPD) management solution. Wellinks is partnering with health systems and risk bearing entities to lower costs, improve access, and empower greater outcomes for people living with COPD and those responsible for their care. Based in New Haven, Connecticut, Wellinks is led by a team of digital health veterans and backed by leading investment firms including Morningside, HighCape Capital, Connecticut Innovations, and Benslie. For more information, visit www.wellinks.com and follow on Twitter ( @WellinksHealth ) and LinkedIn.
About Morningside Ventures
Founded in 1986 by the Chan family, Morningside is a technology and life science venture investment firm. With offices in Boston, Shanghai and London, the firm invests globally. The group is managed by investment professionals who are entrepreneurial, have deep industry knowledge and are effective in the local environment in which they operate. In addition to its investment activities, Morningside Ventures is strongly committed to social responsibility. For more information visit www.morningside.com.