CoverUS raises $750k funding round to support development of new consumer-powered health engagement platform.
NEW YORK, March 4, 2019 – Click for press contact
CoverUS, a Brooklyn-based healthcare technology company, has completed its pre-seed financing round in the amount of $750,000 to develop a new consumer-powered health data wallet and mobile engagement platform. Funding came from internationally recognized venture studios and angel investors, as well as prominent physicians and technologists.
If CoverUS is successful in design and implementation, the CoverUS app will allow people to collect their health information and reward them for allowing access to anonymized insights and taking actions that provide richer “real-world data” to researchers, improve their own health and cut system costs. CoverUS envisions that the establishment of this two-sided marketplace between patients and the medical industry could help reduce the estimated $1 trillion in waste in US health spending and enable active members to earn and save up to $1,500 per year – enough to nearly wipe out the average medical debt carried by 42.9 million Americans.
“The breadth and diversity of our initial investor group makes us optimistic that our plan to put patients in the driver’s seat might fundamentally improve healthcare economics and outcomes globally,” said CoverUS President Christopher Sealey. “This financing round allows us to accelerate development and, we hope, put our product into the hands of patients as soon as possible.”
A key facet of CoverUS is the RESPECT framework– a data governance and privacy model that is being built into the CoverUS app to go beyond HIPAA and GDPR compatibility to provide people with true agency over how their health information will be used. Consumers today are exposed – the majority of health data is bought and sold by third parties without patient awareness, and healthcare is the industry most affected by data breaches.
“At CoverUS, we view ourselves as consumer advocates in a rapidly evolving health data economy,” says CoverUS CEO Andrew Hoppin. “CoverUS is a business based on trust. We’re singularly focused on protecting member privacy and putting power over data back where it should be – in the consumer’s hands.”
CoverUS plans to launch its app later this year through a pilot program with a community of 1.5 million patients.
Through March 23rd, CoverUS is offering non-accredited investors the opportunity to invest in the company for as little as $100 through the Republic crowdfunding platform. Click the link below to participate:
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