Thursday February 13, 2014 0 commentsDENVER - Welltok Inc., developer of the CafeWell Health Optimization Platform, announced it has raised $22.1 million in Series C funding led by New Enterprise Associates with new participation from IBM and Qualcomm Inc. through its venture capital arm, Qualcomm Ventures life fund portfolio.
Welltok said the round is IBM's first direct investment from the recently formed Watson Group and supports its partnership with Welltok to build CafeWell Concierge, a new application infused with Watson's cognitive computing capabilities.
Welltok said its app will call upon Watson's unique ability to uncover insights from Big Data by understanding the complexities of human language, reading millions of pages of data within seconds and improving its own performance by learning.
Additional participants in the funding round included existing investors Emergence Capital Partners, InterWest Partners, Miramar Venture Partners and Okapi Venture Capital.
The new investment brings Welltok's total funding over the last nine months to more than $40 million, making it one of the past year's best capitalized digital health companies.
The company said the new capital will be used to develop the new CafeWell Concierge product line; expand CafeWell's market-specific solutions for health plans, accountable care organizations, health systems, insurance brokers and exchanges and consumer-facing health population managers; and enhance the CafeWell Connect program to include new partners.