Lyfegen Secures CHF 750,000 in Seed Funding to Develop Blockchain-Powered Value-Based Healthcare Payment Platform Lyfevalue

VCBeat (WeChat Official Account: vcbeat) has learned that on April 17, local time, Lyfegen HealthTech AG (hereinafter referred to as “Lyfegen”), headquartered in Basel, Switzerland, announced the completion of a CHF 750,000 seed financing round. The investors were private individuals from Switzerland. The funds will be used to establish Lyfegen’s value-based payment platform, Lyfevalue, and to launch pilot projects of Lyfevalue with partners in regions including the United States and the European Union.

Lyfegen, a medical technology company, was founded in 2018 by Girisha Fernando, Michel Mohler, Nico Mros, Leon Rebolledo, and James Gannon. The founders of Lyfegen leveraged blockchain technology to develop the innovative Lyfevalue platform, addressing technical barriers in value-based healthcare payment models.

Blockchain is a chain of transaction records (also known as blocks) that are linked and secured through cryptography. Each block contains the cryptographic hash of the previous block, a corresponding timestamp, and transaction data (typically represented by a hash value calculated using the Merkle tree algorithm). This design makes it difficult to tamper with the content of the blocks. The distributed ledger connected by blockchain can effectively record every transaction, allowing relevant parties to permanently verify such transactions. It is reported that the healthcare blockchain market will grow to $390.7 billion by 2024.

Lyfevalue leverages smart contracts on the blockchain to enable healthcare payers, providers, and pharmaceutical companies to reach agreements in a trusted, secure, and compliant manner, while automatically executing value-based pricing contracts. This allows all parties to benefit from value-based care models. Furthermore, by tailoring contracts to patients’ varying quality-of-care requirements, Lyfevalue generates corresponding price agreements for healthcare providers and pharmaceutical companies, thereby incentivizing providers to deliver personalized medical services to patients.

Lyfevalue connects to hospital systems to retrieve patient treatment outcomes and determine payable prices based on criteria set by pharmaceutical companies and payers. Lyfevalue then sends real-time payment notifications to the payers. The platform ensures data security and authenticity, which form the foundation for establishing value-based pricing agreements.

Lyfegen Platform Operating Model (Image Source: Official Website)

“Lyfegen provides the technological infrastructure to enable value-based healthcare models, making value-based payment a reality. For patients, this means access to the best available treatments on the market and optimal therapeutic outcomes,” said Girisha Fernando, Founder and CEO of Lyfegen. “Transitioning from traditional healthcare to sustainable healthcare is a significant challenge, and ‘value-based payment’ is a critical mechanism for achieving this transformation. Lyfegen is committed to delivering technological solutions for value-based payment, and we are delighted to partner with those who genuinely care about patients worldwide.”

Reference Link:

https://lyfegen.com/

https://www.prnewswire.com/news-releases/healthcare-technology-company-lyfegen-successfully-raises-chf-750000-in-seed-capital-300833181.html

(Compiled by Liu Na)