Patientory Inc. and ESG Initiative’s WIVA Combine Forces To Advance Democratization of Healthcare Data

• Patientory Inc. partners with Wharton students in a capital raise agreement. 
• The partnership grants the students a right to invest in the healthcare blockchain company at a future date. 
• This will help advance the development of Patientory aiming to solve the industry’s problems around data accessibility. 

Environmental Social Governance (ESG) Initiative’s Wharton Impact Venture Associates (WIVA) students announced the step into blockchain-based healthcare via a partnership with Patientory Inc. in a capital raise agreement. The two organizations became acquainted on WeFunder, a platform that allows non-accredited investors with limited capital to make purchases in early-stage companies with as little as $100. Patientory Inc. has already raised over $50,000 on the crowdfunding platform, with WIVA making its investments exclusively on the platform.

Following the small investment in an early-stage company, the platform offers the investor a Simple Agreement for Future Equity (SAFE), which grants them the right to obtain equity in the company at a future date if it sells shares in a future financing round.

“We’re excited to seek the backing of WeFunder’s investment community,” said Patientory Inc., founder Chrissa McFarlane. “Healthcare data is the foundation for improving healthcare around the world.” 

Started at Wharton University, WIVA is an impact investing educational program focusing on companies showing massive potential in the ESG sectors. The program aims to educate, mentor, and provide hands-on training for students to find the most impactful early-stage companies. WIVA teaches students sourcing, financing and investment analysis, as well as providing network links between entrepreneurs and potential investors. Finally, students provide detailed research on the financial and impact analysis of the startups they identify, via one-on-one interactions with the founders and connecting with potential investors.

Democratizing healthcare data on blockchain

WIVA introduced Patientory Inc. to WeFunder to help the company raise capital and extend development on its platform. This followed extensive research by WIVA on the huge challenges associated with fragmented healthcare data, especially in the U.S. While patient data is collected en mass across hospitals and health centers, UPMC Enterprises a data-focused company reports that over 80% of healthcare data is unstructured and not readily available, which hinders quality and efficient patient care. Hospitals and clinicians store patients’ data in siloed medical systems, making it difficult for healthcare practitioners to share this data efficiently.

Incorporated in 2015, Patientory Inc. aims to solve this issue via its blockchain-based, healthcare AI and data platform that eases health data accessibility. Built on the blockchain, Patientory provides users with a secure Consumer Wallet that enables patients to store, share, and even monetize their health data securely. In addition, Patientory also includes the Neith Enterprise Dashboard, an analytics portal that enables healthcare stakeholders to mine shared and de-identified consumer health data from the Patientory blockchain network.

Notwithstanding, the platform can help users improve their health habits based on AI recommendations to consumers, whereby patients can find effective clinic trials and cost-effective medicine to help with their ailments.

Patientory Inc. touts a bright future

The spurt of growth by Patientory amazed Talia Cohen, a WIVA student who enticed the company to join WeFunder, stating its positive impact on patients’ lives and its financial sustainability since its launch. With over 45,000 subscribers to date and a revenue of over $4 million, the healthcare data firm is poised to grow further in the future.

“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,” Cohen explained. 

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