Moving Analytics, a telehealth company providing virtual cardiac rehab solutions, today announced it raised $6M in a Series Seed-2 round. The round was led by Aphelion Capital, LLC, through Cardeation Capital, with co-investments by OCA Ventures and Seae Ventures. This investment brings Moving Analytics’ total funding received to date to $9.5M.
As COVID-19 has continued, consumer adoption of US patients using telehealth increased roughly 350% from 2019 to 2020. The additional funding raised will be used to expand Moving Analytics’ virtual cardiac rehabilitation program, Movn, for both existing and new patients.
“We are thrilled to be able to support Moving Analytics’ mission in increasing access to a vital, life-saving service such as cardiac rehabilitation,” said John Kim, from Aphelion Capital. “Through our extensive due diligence and vetting through our partners, we have found Movn to be the most comprehensive and mature solution in the market with stellar proof points and evidence of success.”
With this round, the company will be able to grow their partner and customer base, increasing enrollment rates and clinical outcomes across the country. It will also go toward servicing its growing clientele of health plan partners in more markets by ensuring Moving Analytics’ programs also meet the needs of Medicare reimbursement – a key component to future growth. The company will also leverage its capital to enroll more patients into rehab and improve the patient experience and richer user experiences, including adding more tailored educational content in the app’s library targeting special populations.
“Our goal at Moving Analytics has always been to increase access to care and drive the future of cardiovascular health,” said Harsh Vathsangam, Co-founder and CEO at Moving Analytics. “With COVID continuing to increase the need for patients to enroll in virtual rehab solutions for cardiac health, we’re thrilled to be able to expand the capabilities of our platform even further to support existing and potential customers in need of services.”
Moving Analytics has grown immensely since its inception, having served several thousand patients by improving patient experience with a low-cost, high convenience program that has fewer in-office visits, and equivalent health outcomes.
“With the rise of telehealth options and the introduction of cardiac rehabilitation participation as a HEDIS measure for health plans, there’s been an increased demand for the Movn program, we’re very excited to bring on strategic investors who are backed by leading health plans and institutions can help catalyze our growth,” said Ade Adesanya, Co-Founder and President at Moving Analytics.
With its customers and partners, the company has been able to prove success with its Movn program – Highmark Health has shown more than a 60% enrollment rate, an 80% completion rate and equivalent clinical outcomes.