Wellbe, a Madison company that makes digital health care tools for patients and providers, said it has received more than $2 million in investment commitments led by HealthX Ventures with co-investment by WISC Partners.
The company’s platform, called ConnectedCare, is used by 21 health care systems in 16 states, in orthopedics, bariatrics, cardiology and oncology, and other services. The new funding will help accelerate Wellbe’s product innovation and expansion into new markets, the company said Tuesday.
“As COVID rages and health care providers feel the squeeze of a turbulent labor force, Wellbe’s automated care platforms deliver efficiency and effectiveness that is increasingly valuable,” Mike Splinter, general partner of WISC Partners, said in a statement.
Meanwhile, Madison-based Veda, which helps health care companies process data, in late July announced the close of $45 million in Series B funding led by Oak HC/FT.
Veda uses artificial intelligence and machine learning to help companies process data. The funding will allow Veda to scale up and address requirements of the No Surprises Act, which restricts excessive out-of-pocket costs to consumers from surprise billing and balance billing, the company said. Starting Jan. 1, the law will require provider directory updates be processed in under 48 hours.
“Veda’s technology will fundamentally change how the healthcare system operates by automating processes, increasing accuracy, and reducing costs that have existed for decades,” Andrew Adams, managing partner and co-founder at Oak HC/FT, said in a statement.
David Wahlberg | Wisconsin State Journal. Sep 1, 2021
The epitome of an entrepreneur, Mark has seen the peaks and valleys of starting, operating, and assuming the risks of a new venture. He’s come up against payroll, had a few bad hires, and even swept the floors early on. Collectively, Mark’s companies have done over $360 million in sales and raised more than $38 million in venture capital, and he has successfully bought and/or sold eight companies.
James believes technology, when creatively applied, can improve our life experiences. Intrigued by the amazing potential for internet and mobile technology to engage us all, James created a business model to reshape personal health management.
Mike Splinter, an electrical engineer and innovator, has played a major role in driving advances in the high tech industry, with more than four decades of executive leadership experience including 12 years with Applied Materials, Inc. where he was served as chairman and CEO, and over 20 years with Intel, where he was executive vice president of sales and marketing, and executive vice president of the Technology and Manufacturing Group.
Mr. Baldwin was most recently Chairman and CEO of Baxa Corporation, a leader in devices, systems, and software for the handling, packaging, and tracking of fluid medications in a critical care setting. Under his leadership from 1997 until its sale to Baxter Corporation in 2011, the company sales grew from $25 million to over $170 million. As CEO, he led the eight-member board of directors and led a minority recap resulting in Goldman Sach’s private equity group owning 27% of the company. He was also an early investor and lead director in Pharmacy OneSource, an innovative software-as-a-service business that had a successful exit in 2010.