Welltok has nabbed $22.1 million in its Series C funding round which was led by New Enterprise Associates. IBM participated in the funding through its Watson Group. Qualcomm also contributed to the round through its venture capital arm Qualcomm Ventures, according to The Street.
Existing investors such as Emergence Capital Partners, Miramar Venture Partners, Okapi Venture Capital, and InterWest Partners also participated in the funding. The latest round brings Welltok's total raised capital in the last nine months to over $40 million, the report detailed.
Welltok is the developer of the CafeWell Health Optimization Platform. Using Watson's big data abilities, the company will build a new application that will help consumers adapt a healthier lifestyle and increase the value of the healthcare system. This will give the Watson Group a chance to enter the consumer health industry, the report explained.
Jeff Margolis, Chief Executive Officer (CEO) of Welltok, said in a press release: "Our Platform as a Service solution meets this need by revolutionizing the way population managers partner with consumers and connecting them to the right resources and incentives. We have the vision, industry expertise and financial strength to lead the charge in optimizing consumers' health and maximizing rewards."
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