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This cardiac care startup just landed $20 million for virtual rehab services

This cardiac care startup just landed $20 million for virtual rehab services

Admin | Post Tuesday, 12 July 2022 - 11:35 AM | 74

Moving Analytics (Movn), a virtual home intervention program for high-risk cardiac patients, claims to be ?the most clinically validated cardiac rehabilitation program? on the market. While there are other programs online, others cater to other international markets, like Heart2Heart, or only work with very specific current insurance partners, like Henry Ford Health.

Moving Analytics founders and undergraduate friends Harsh Vathsangam and Shuo Qiao met their third co-founder, Ade Adesanya, at the University of Southern California. The trio had all immigrated to the United States hoping to become engineers, but soon after their focus shifted to a ?data-driven approach to making a dent in healthcare?.

Moving the Analytics founders out of their Irvine office. From left to right: Joe Villanueva, Ade Adesanya, Harsh Vathsangam, Shuo Qiao. Picture credits: Move Analytics

The Irvine-based company seeks to provide patients recovering from heart attack and heart disease an alternative to home care with guided support over a 12-week course.

?A big part of the program is?we offer empathy to patients around ?Hey, we know this is a major event that happened to you, it?s not the end of your world and there?s a lot things you can do if you follow our tips to get a stronger heart,? Adesanya said.

Each patient receives a cellular scale, an American Heart Association information book, exercise bands, a Bodytrace blood pressure cuff and a Garmin fitness tracker to help monitor and track their progress throughout the Classes.

The company is incorporated as a healthcare provider and has contracts with various insurance partners ? Kaiser Permanente, Allegheny Health Network, CDPHP to name a few ? and currently operates operations in 14 states with approximately 4,000 patients. If a heart patient opts for home care, then they are referred to the Movn team.

Nationally, heart disease is the leading cause of death in the country, accounting for approximately 25% of deaths. Less than 20% of eligible cardiac rehabilitation patients enroll in a program.

Additionally, patients who also engage in cardiac rehabilitation reduce the risk of dying from a heart attack, according to a study published in the Journal of the American College of Cardiology.

According to figures provided to TechCrunch, the company says it has seen an increase in enrollment and program completion rates among some of its partners. At Kaiser, for example, figures show that past completion rates were 14% and are now 88%. Similar figures are displayed at other partners.

?I think for us, we just feel a sense of responsibility with this opportunity that we have to make sure that we can make the world a little better,? Adesanya said. ?And, you know, basically, in terms of just labor and healthcare, innovation, we can also make it a little bit more inclusive.

The company declined to say how much its program cost, but said it offered a ?cheaper? alternative to traditional in-person sessions. The average cost for an in-person session is around $240, according to a study published in the National Library of Medicine.

This cardiac care startup just landed $20 million for virtual rehab services

Co-founders Ade Adesanya (left) and Shuo Qiao (right) discuss business expansions in the Moving Analytics office. Picture credits: Move Analytics

Movn successfully won over investors as they secured $20 million in a Series A funding round led by Wellington Access Ventures and Seae Ventures, with participation from Philips Ventures. According to the company, the investment comes in the form of all shares ? although they declined to share at what valuation.

In total, the company has raised $30 million and will use the new funds to expand coverage in all 50 states, hire staff and begin implementing bilingual programs to better serve marginalized communities.