Sweetch announced the completion of a $20 million Series A round of funding Monday, led by Entrée Capital. It was joined by Tal Capital, Netherlands-based impact investor Noaber, Brazil-based Kortex Ventures, and InsurTech VC FinTLV Ventures, as well as existing investors Philips, OurCrowd, and Qure Ventures.
The Israeli MedTech company is expected to direct the funds toward continued global expansion and further developing its artificial intelligence and emotional intelligence behavioral science technology. The company’s technology is designed to increase the willingness of patients with chronic illnesses to follow their doctors’ orders.
The company reports its platform is already being utilized, for example, at a clinical trial conducted at Johns Hopkins University’s Division of Endocrinology, Diabetes, & Metabolism, Sweetch’s fully automated intervention achieved 86% retention and significantly improved clinical outcomes for patients with early-stage diabetes.
“We believe that every person with chronic conditions should have a trusted voice empowering them to reach their micro-goals every step of the way throughout their unique health journey,” said Yoni Nevo, CEO of Sweetch. “The rapidly evolving remote health era is missing a critical component: effective continuous relationships between pharmaceutical companies, device manufacturers, payers, healthcare providers, and each of their individual patients. Sweetch provides this missing critical capability at scale to outsmart chronic conditions, together.”
“90% percent of health care costs in the U.S. are attributable to chronic diseases, which afflict 50% of its population. We need a scalable solution to provide better care at lower costs. This seemingly contradictory statement can be achieved through technology like Sweetch," said Dr. Doron Dinstein, Venture Partner at Entrée Capital. "Sweetch’s digital therapeutic platform provides sustainable behavior changes and has been shown to significantly impact people’s lives. We see the company radically improving the economics of healthcare."