Healthy Ventures partners with founders seeking hybrid ears to hear.
Firm understanding of the idiosyncratic healthcare vertical
Horizontal playbook of what's worked before, better in other markets
We think of it as 'Learning Curve Arbitrage'.
Enmi has invested in early-mid stage ventures for over 15 years, first as part of venture firms IDG Ventures and Boston Millennia Partners. Most recently, she invested as an angel in seed-stage digital health ventures.
Besides investing, Enmi has worked with operating companies of varying sizes anchored around consumer marketing. At NYTimes.com, Enmi focused on the revenue strategy of new digital products. That chapter highlighted the challenges that established companies must navigate amidst sectoral shifts - and how agile, focused startups can outpace even the biggest of head starts.
Thereafter, Enmi founded a consumer email startup called replyforall that served both users and brand marketers. That chapter proved a non-stop lesson in the paramount importance of a founder’s surgical focus and ability to let go of preconceived notions and roadmaps. Enmi also tinkered as a vendor of e-books to get versed in affiliate marketing, a powerful channel of highly repeatable and cost-controllable customer acquisition. With such grounding, Enmi works with founders to quickly identify success metrics relevant to both operations and investors.
...Little known, but high-leverage, fact: so much of success in health tech is driven by unlocking distribution that can scale.
Enmi graduated from Harvard University with an AB cum laude in Government and Wharton with an MBA with a concentration in Marketing.
Anya’s favorite part of investing is working with entrepreneurs to market-proof ideas, identify early customers, and solve problems during the inevitable pivots along the way.
Prior to co-founding Healthy Ventures, Anya led strategy and business development for Cardinal Health's medical services, distribution, and laboratory businesses. Prior to Cardinal Health, Anya was a venture capitalist at Thomas, McNerney & Partners, where she focused on life sciences, mostly in later-stage opportunities. She invested and was a board director or observer in: Virdante Pharma (acquired by Momenta Pharma, Invitae Corp (NYSE: NVTA), Celator Pharma (NASDAQ: CPXX), and Innopharma Inc (acquired by Pfizer Inc). At Thomas, McNerney, Anya saw and participated in the emerging 'digital health’ sector, initially investing in the rise of the genomics services subsector.
Before entering the investing arena, Anya held several sales and marketing leadership roles at Medtronic and worked with terrific teams to launch neurological, cardiovascular, and cardiac rhythm products. Prior experiences include implementing HIV/AIDS programs for The Clinton Foundation, consulting with McKinsey as a member of the Pharma & Medical Products and Corporate Finance & Strategy practices, and working as part of the Piper Jaffray biotech equity research team. Prior to it all, she joined a seed-stage startup developing “smart” braces to help patients recover faster following orthopedic surgery.
Anya earned a BA cum laude from Princeton University and an MBA with honors from The Wharton School at the University of Pennsylvania.
Madi loves meeting passionate founders, learning about their evolving business models, and helping them work towards the shared goal of reimagining healthcare.
At Healthy Ventures, Madi splits her time between identifying new investments, mapping market ecosystems, and providing operational support to portfolio companies.
Prior to joining Healthy Ventures, Madi worked in investment banking with Cascadia Capital, a boutique advisory firm where she worked closely with healthcare and technology companies on M&A and capital raise.
Madi graduated from Harvard University with an AB in Human Developmental and Regenerative Biology.
We invest in infrastructural solutions that enable technologies to scale healthcare. These are often enterprise- and developer-facing products.
Broadly speaking, our investment criteria maps to the intersection among:
Management + Market size + Market readiness + Business model
Every company's early strengths are distributed differently among these buckets, but we like to see each one at least represented.
Another thing we look for is tight near-term focus and extensibility. This is when entrepreneurs have a tight plan for a clear solution to a painful problem AND know how executing against that will position it as a deeper platform with even more tentacles of value creation. There's great potential in healthcare for many trojan horses: plentiful pain points allow for several entry points and the system's tight ecoystem offer natural adjacencies.
We support our partner founders by serving as management-extenders. There are only so many hours in a day and only so many days of the year. We've built a platform to help cheat the clock and boost both their day-to-day capacity and also the company's overall runway.
LAND those valuable first 1-2 pilot clients. We have established relationships throughout the healthcare system with actual line managers and internal champions, the right people to listen to your proposals and sign those LOI's and contracts. This is a short, finely curated list of dynamic workhorse managers (director and VP-levels) who are the relevant decision-makers in organizations to assess how your solution can be implemented.
BUILD out your small ninja team. We lean on our own differentiated rolodexes to un-silo talent pools, a happy side effect of having spent our careers in non-overlapping orbits. One thing we've seen over and over again is that there are distinct silos of talent depending on the company's founding.
For example, a team with strong product and design sensibilities, more typically found among former consumer tech entrepreneurs, will often lack an adequately deep healthcare perspective. Vice versa, often with clinician founded teams, they would be well-served by augmenting with product-centric and marketing talent. Human-centered design in an enterprise software for doctors would turn serious heads. We use our networks which inherently straddle both worlds to help identify those key first hires that will round out a team's inevitably weaker functional areas.
TRANSLATE idiosyncratic healthcare problems into actual business solutions that matter. It's hard to know if a seeming problem in healthcare is impactful enough to amount to a real business. There are paradigms and paradoxes of healthcare that can confound many entrepreneurs, even seasoned ones.
Without having been in it for decades, it's hard to know if anyone in the targeted healthcare segment will embrace a proposed solution and/or if there's any way to actually make money with it. With a multi-faceted operational and investor perspective on healthcare, we cross-reference your early hypotheses against the particularly tricky realities of healthcare.
STRENGTHEN your chances for follow-on funding. We know how later stage investors think because both of us have spent meaningful time assessing later stage investments. We'll help you beat the odds that you, unlike 50-60% of seed stage ventures, will get your Series A done.
Investors like to learn about a company's progress in certain ways because they have a certain perspective and agenda that need to be taken into account. Tapping into the muscle memory of our earlier lives, we'll help frame the investment narrative and present both past and future execution milestones in a way that's intuitive for follow-on investors.
Akido is solving a big problem in healthcare. The founding team got so frustrated with IT integration queues and data governance issues at hospitals that they started Akido. Akido provides a turn-key solution for application developers and hospitals to significantly compress the typically excruciating lag of working together.
Anagram removes the pain from the otherwise very painful process of submitting out-of-network claims to get reimbursed by your insurance company. This is possible because of the team's deep understanding of the technical and workflow friction points associated with both the claims adjudication and point of sale processes. Their solutions help all of us use our their insurance plan's offerings more robustly - with none of the typical hassle.
While a specific analysis might take minutes or hours, getting data cleaned and organized, to the point where it's possible to analyze - takes days or weeks. In healthcare, this data architecture problem is even more acute. Carta was founded by a mathematician and a physicist who understand how to solve very difficult data problems. In Carta, they've productized that insight and have already built out use-cases that customers are buying.
Therapeutics are getting more and more targeted. As a result, the number of small clinical trials performed each year is exploding. Whether it's pre-approval clinical trials or late-phase trials, the market is asking for modular electronic data capture systems with features that will enable real-world evidence generation. ClinCapture's team are experienced clinical trial software executives who have positioned ClinCapture to uniquely go after these rapidly expanding markets.
The primary care physician (PCP) is the main interface with the health system for about half of the population. PCPs often see warning signs for behaviors that adversely affect health outcome (e.g., behavioral health, addiction, etc) but don't have the time to address it with their patients. Concert Health is an outsourced service provider for those PCPs. It is a turn-key solution allowing their customers to immediately offer those services to their patients.
All healthcare begins with credentialing. Before a provider can deliver and bill for any health care services, they must be credentialed by the practice/hospital system and by the payer (insurance company). This tedious and repetitive process is most often completed manually. As care delivery is expanding to applications (e.g., diabetes apps, telemedicine, doctor housecalls), the number of entities that need help credentialing is exploding. CredSimple's automated credentialing solution helps everyone stay up-to-date at a fraction of the cost.
Datica solves two major problems in healthcare - democratizing access to and securing clinical data. It transforms the currently closed, silo-ed pools of electronic medical record (EMR) data into an open platform through EMR-agnostic API's. Additionally, as healthcare data is finally migrating to the cloud, companies need Datica's dynamic security monitoring product to ensure data stays protected during all processes.
Health insurance plays a critical central role in supporting healthy lives for all. Yet, it remains an all-too inscrutable purchase decision and user experience for so many of us. Decent applies crypto tech, blockchain, and leading-edge referral tactics to offer a markedly different type of insurance that puts members first.
Health plans and providers have a hard time engaging with patients in an effective way. HealthCrowd uses the same best practices of multivariate optimization found in ad tech to power messaging on their behalf. HealthCrowd’s analytics identify the best mode and style of communication to get messages across which are important for people's well-being.
Driven by high deductible plans and by a shift to co-insurance, patients are bearing more and more direct financial responsibility for healthcare payments. Currently, patients pay less than half they owe. HealthiPass's product allows patients to understand their obligation, pay, and create payment plans resulting in payment rates above 90%!
Inbox powers the payment pipe for healthcare costs that patients directly have to pay. This is a $1 trillion unmet market need. Till now, there's been no scale infrastructure for patient pay because historically there hasn't been the need need for it. This is quickly changing as consumers are increasingly on the hook to pay for healthcare costs out-of-pocket. Inbox provides software that is intuitive and intelligent to finally serve well both the billing service providers that work with doctor practices and patients like you and me.
Olive (fka CrossChx)
Through its expertise in resolving patient identities and streamlining hospital intake, Olive realized that the largest underserved opportunity was helping customers with duplicate tasks. Healthcare is managed using many parallel but siloed systems. Users typically have to repeat the same task several times in several different systems. Olive uses its proprietary artificial intelligence to streamline repetitive tasks and creates interoperability using the systems customers already have in place.
As the price of genomic data decreases, its applications multiply. Yet, bio-informatics continues to be a bottleneck. One Codex focuses on the microbial genomics market and allows users to go from 'data to answer,' and 'answer to analysis' instantaneously. This is useful in chronic disease diagnostics, infectious disease, agriculture, and food and environmental safety.
PokitDok (acquired by Change Healthcare, CHNG)
Change Healthcare acquired PokitDok in 2018 to get access to one of the most extensive open API marketplaces available for healthcare transactions.
PokitDok's APIs add new capabilities for digital health, telemedicine, and other new, disruptive care models that support value-based, patient-centric healthcare. Additionally, PokitDok was the leader in blockchain for healthcare, enabling Change to become the first healthcare IT company to deploy blockchain at enterprise scale.
Every company working in the human genome space must internally replicate the database of known genetic abnormalities. In addition, reproducibility of results remains an unmet need in clinical genomics. SolveBio addresses both through a scalable, on-demand variant curation service that enables companies and labs to massively scale their genomic medicine offerings. By combining a proprietary data harmonization engine with a global network of trained genomics experts, SolveBio delivers high-throughput, transparent, and reproducible sequence variant interpretation.
Over 90% of clinical trials are plagued by costly delays, with failure to recruit enough patients as the biggest culprit by far. SubjectWell inverts the broken patient recruitment paradigm. Instead of fire drill campaigns to chase down the last patients for delayed trials, SubjectWell powers real-time patient matches through an ever-growing marketplace. This fundamentally, and permanently, changes the reach and economics of clinical trials.
Consumers increasingly have more choice in how and where they receive care. Picking the right healthcare insurance plan is an important, but often overwhelming, first step. Wellthie empowers insurance companies and brokers to provide a top-notch shopping experience to jumpstart their relationships with customers in the right way.
Every part of a business is increasingly run by data. Yet, the majority of employees aren't data savvy and most companies can't afford armies of data scientists. Whiz.ai is a next generation advanced analytics company, focusing on the life-sciences vertical. It allows anyone to pull real-time data from any corporate data silo or run an analysis as easily as sending an SMS. Whiz.ai democratizes corporate data.
Endpoint devices (e.g., a speakerphone, an infusion pump, a cell phone) represent major network vulnerabilities. WootCloud not only automatically detects and characterizes all devices on a network, but it also types devices, risk stratifies devices and, in the case of breaches, customizes the necessary remediation. WootCloud sells its technology into all industries, but the problem is more prevalent in healthcare than in other verticals.
Cybersecurity breaches are increasingly common. Healthcare leads all industries in the value (penalty) of a breached record. Small and medium businesses (SMBs) are especially vulnerable as they're unable to invest significantly in security. Zeguro offers SMBs a SaaS product that effectively serves as an outsourced CISO. In addition, Zeguro understands its customers' needs and tailors cybersecurity insurance for them.