Pai Health Secures $9M Series C Funding to Expand Insurtech Solutions
Recently, VCBeat (WeChat ID: VCbeat) learned that Pai Health (“PaiH”), the developer of the Personal Activity Intelligence (PAI) index, has completed a $9 million Series C financing round. Details such as the investors have not yet been disclosed. Previously, PaiH had secured a $19 million Series B round led by Hydra Ventures.
As a pioneer in personalized health solutions, PaiH will leverage this round of financing to accelerate its expansion into the insurtech sector. PAI is the first system to scientifically and effectively translate heart rate data into personalized activity points. Research indicates that maintaining a PAI score of 100 or higher can effectively reduce the risk of cardiovascular disease by 25% and extend life expectancy by an average of five years.
The PAI system first conducts a rapid online fitness age assessment for users, and then dynamically monitors them through wearable smart devices such as SLICE, ALPHA2, FUSE, LINK, VELO, and Apple Watch. This allows the system to measure and record changes in health status induced by physical activity over the past seven days. Based on the user’s exercise volume and health indices, PAI continuously updates fitness goals; the higher the user’s PAI score, the more difficult it becomes to increase it further. This mechanism incentivizes users to appropriately intensify their physical activity to maintain optimal health. This real-time approach encourages users to proactively improve their health status, rather than passively engaging in exercise only after falling ill. Currently, PaiH has partnered with Huami Technology, leveraging Huami’s high-quality smart wearable devices, robust algorithms, extensive biometric and exercise databases, along with PAI Health’s specialized software, to more conveniently and scientifically identify and analyze health risks associated with physical inactivity.
PaiH’s main competitors include Welltok and Health IQ. Welltok is a data-driven enterprise SaaS company that provides a leading consumer platform for the health insurance industry and has secured $250 million in funding to date. Welltok’s flagship products include CaféWell, an integrated platform combining health and wellness resources; Concierge, an AI-powered chatbot that answers questions about benefits and health insurance; and SmartReach, a risk prediction platform. Health IQ has developed a Health IQ testing platform and partners with insurance companies to enable individuals with higher Health IQ scores to purchase insurance at lower premiums, thereby reducing their personal insurance expenses. To date, Health IQ has raised $81 million in funding.
Image from the official website of Pai Health
Peter Taylor, CEO of Pai Health, stated: “PAI offers a more comprehensive and personalized metric than simple step counting, capturing various forms of physical activity to tailor health plans for individuals. We provide unique solutions for insurers and their customers, enabling insurers to drive higher customer engagement in physical activity while simultaneously reducing users’ disease risk and healthcare costs.”
About Pai Health
Pai Health (formerly Mio Global), headquartered in Vancouver, Canada, was founded in 1999. It is dedicated to helping customers improve their health by assessing and monitoring their physical activity through simple and inspiring methods. Pai Health is an innovative pioneer in the precise heart rate monitoring capabilities of wearable devices.