The company will use the funding to grow its AI analytics capabilities and expand the business
WASHINGTON, March 2, 2021 /PRNewswire/ -- MemoryWell Inc., a digital data platform that promotes person-centered care through life storytelling, today announced $2.5 million in new Series Seed funding. The company will use this funding to scale its platform and to continue to build its predictive social determinants of health AI rating system.
Boston-based Argon Ventures is leading the round, which was oversubscribed. Also participating in the round are notable social impact funds, strategic health care investors, and experienced backers focused on the applied use of deep-tech solutions. They include Bob Davoli from Gutbrain Ventures; PBJ Capital and Andy Palmer from Koa Lab; Inflect Health; Pixel Perfect Ventures; One Planet VC and Innovations for Impact.
"MemoryWell grew out of my experience caregiving for my father, who had Alzheimer's," said Jay Newton-Small, MemoryWell founder. "I never imagined that story would grow into an AI company that is poised to transform healthcare."
MemoryWell, based in Washington D.C., has partnered with more than 40 care providers since 2017, working in Alzheimer's and dementia care, senior living, home care, Medicare Advantage plans, hospice and palliative care. This quarter, MemoryWell is launching large-scale pilots with Prospero Health, a home-based supportive care company, and PCH Mutual Insurance, a national insurer of senior living providers.
"We are excited to grow with MemoryWell," said Doug Wenners, Co-Founder and CEO of Prospero Health. "Our care delivery model is based on knowing our patients and truly understanding what it takes to help them feel cared for and supported in the home. MemoryWell will help us better understand our patients and their social determinants of health."
Andy Feinberg, Managing Partner of Argon Ventures, will be joining MemoryWell's Board of Directors.
"We are thrilled to partner with MemoryWell," Feinberg said. "They have identified an unconventional but powerful way to create a platform to accelerate person-centered care. The company's proven approach to capturing and presenting personal stories enhances the empathic bond between the person, their caregivers, and their community, directly leading to improved care. And the richness of the social determinants of health data captured, now widely recognized as a critical factor in overall health outcomes, has the potential to inform strategic investment choices for care organizations, leading to improved quality of care and outcomes on a system-wide level."
MemoryWell, Inc. is a digital data platform that promotes person-centered care through life storytelling. The Washington-DC based company was founded by a national correspondent for TIME Magazine, who wrote down her father's story when he entered assisted living. Their national network of freelance professional writers puts the person in person-centered care.