New York-based wellness app maker Noom has raised another $1.1 million to complete a $16.1 million round led by InterVest, a Korea-based venture capital firm, with participation from LB Investment, Hanmi IT (a subsidiary of Hanmi Pharmaceutical), RRE Ventures, TransLink Capital, and Qualcomm Ventures.
The first $15 million of the round was noticed in an SEC filing posted in early January. This additional $1.1 million brings the company’s total funding to at least $25.7 million.
Pharma company and strategic investor Hanmi plans to work with Noom to develop a program that pairs Noom Health, Noom’s B2B behavior change program, with the company’s pharmaceuticals.
Noom CEO Saeju Jeong told MobiHealthNews that Noom Health, which aims to help providers manage patients with chronic diseases, combines automated interventions and human interventions to help patients improve their health. Jeong said that offering includes best practices learned from their direct to consumer apps, but those features were improved upon in Noom Health.
For example, in Noom Coach Pro, the paid version of Noom’s consumer weight loss app, users can join virtual groups led by a facilitator to help users lose weight. In Noom Health, the company replaced these facilitators with doctors and nurses who work in the backend to communicate with patients through a dashboard when necessary. The provider communication was combined with the automated interventions that help providers understand which patients need they need to reach out to at what time. By combining the two features, Noom said one provider can reach 200 users. Keep reading>>