A musculoskeletal health care technology company is looking for new investors as it plans to scale its app that treats sports-related injuries.
WaveOn, based out of Albuquerque, plans to raise $1.5 million in its safe agreement for future equity (SAFE) round, founder and CEO Adam Halpern told Albuquerque Business First. A SAFE round typically allows a company to capture investment without the nuance of raising additional money in later rounds, Halpern said.
The money WaveOn plans to raise will go towards the buildout of the technology itself, marketing and sales, as well as adding additional employees in the future.
“In order to scale, we need investment,” Halpern said. “We would love to build this with New Mexicans.”
So far, the company has secured a local investment. GOS Capital, led by Scott Goodman, was WaveOn’s first investor in the round.
Goodman told Business First GOS Capital invested $15,000 into WaveOn, citing the company’s goal to shorten the time between injury and treatment. Goodman, through the investment, will also serve as a board observer for the company.
The company's goal is to make it easier for athletes to get advice from professionals tailored to an injury through a mobile device. WaveOn’s website touts its 13% increase in athletic performance by users who have used a demo version of the app.
And though WaveOn is not yet on IOS or Android app stores for purchase since it is still under development, the app uses ongoing assessments and baselines to treat injuries commonly found in athletes. The company also utilizes athletic trainers as health coaches, giving users advice on how to best treat injuries.
The app uses a subscription-based model, Halpern said. A yearly subscription costs about $65 a year and an additional $90 a month while an athlete is being treated for an injury by a professional.
Halpern, who was raised in Angel Fire, said it has been a goal of his to create an app that caters to athletes. He graduated with a bachelor's degree in athletic training from New Mexico State University, worked as a graduate assistant athletic trainer at Stanford University and has worked with Olympic-level athletes.
The gap between treatment and injury he said can be too long in a traditional healthcare system. Through an app such as WaveOn, he said, athletes can be treated much faster.
“It will help them save time and money,” Halpern said.
