Digital Health Company PeerWell Secures $6.5M Series A to Commercialize Surgical Optimization Platform

On August 28, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that digital health company PeerWell announced the completion of a $6.5 million Series A financing round. The round was led by OMERS Ventures, with participation from existing investor XSeed Capital.

PeerWell will use the funding to commercialize its surgical optimization platform.

PeerWell, founded by Manish Shah, Navin Gupta, and Evan Minamoto in 2015, is a digital health company specializing in surgical optimization services. PeerWell’s PreHab and ReHab applications provide customized daily regimens for patients undergoing elective surgeries. The programs developed by the company enable patients to improve their treatment outcomes and recover rapidly. As a healthcare technology startup, PeerWell is dedicated to addressing practical patient needs through simple and sustainable solutions.

PeerWell CEO Manish Shah stated, “Approximately 125 million Americans struggle with musculoskeletal issues every day, accounting for 10% of total U.S. healthcare expenditures. Nearly half of orthopedic care costs are covered by insurance. PeerWell’s interactive digital program guides patients while reducing care costs and accurately predicting their return-to-work timelines.”

Michael Yang, Executive Partner at OMERS Ventures, stated, “Addressing musculoskeletal conditions is considerably costly. PeerWell’s surgical optimization platform not only successfully reduces costs for workers’ compensation insurers and employers but also takes into account the patient’s entire episode of care. We believe that PeerWell’s approach can transform the current landscape of surgical care and contribute to alleviating the burden on major medical programs.”

Through ongoing collaborations with major insurers, employers, and Medicare Advantage plans, workers across the United States will benefit from PeerWell’s musculoskeletal program.

PeerWell also maintains an ongoing partnership with Healthcare Outcomes Performance Company (HOPCo). Dr. Jacofsky, Chairman and CEO of HOPCo, added, “With PeerWell, our patients have access to the most effective therapeutic interventions. Through the digital guidance and monitoring provided by PeerWell, musculoskeletal patients receive care tailored to the progression of their condition and individual needs, thereby optimizing the entire rehabilitation process.”

Dr. Sanjay Patil, CEO of Golden State Medicare Health Plan, stated: “PeerWell serves our patients and Medicare beneficiaries, offering a model for how we can address musculoskeletal health and other chronic conditions in this country.”

OMERS VenturesFounded in2011year, isOMERS's venture capital division,OMERS Ventureshas already been for nearly North America30A disruptive technology company has invested more than3.4hundred million U.S. dollars in funding, creating5,000Multiple job opportunities.OMERS VenturesCurrently managing over10hundred million U.S. dollars.

XSeed Capitalis a venture capital firm headquartered in Silicon Valley, California, USA, founded in2006years. The company currently manages1.1hundred million U.S. dollars in funding.XSeed CapitalPrimarily invests in seed-stage companies, providing relaunch capital to entrepreneurs pursuing breakthrough innovations.

(Compiled by Tian Shuhang)