One of Baltimore’s most promising startups is set to grow even more after raising $40 million in funding just months after announcing a partnership with Samsung.
B.well Connected Health, a software company that makes it easier for patients to access their medical data, closed a $40 million series C round led by Leavitt Equity Partners, the startup announced Monday. B.well plans to use the money to continue its growth after the company reached a deal to put its software on every Samsung device late last year.
CEO Kristen Valdes plans to expand the company's scope by integrating its software into more third-party applications like hospital or pharmacy websites.
"We could put a Walgreens pharmacy inside of every health care system application," Valdes said. "When people are discharged [from the hospital] we could proactively remind them that their care plan says that they have a script that needs to be filled."
The company, which was named one of American Inno's Startups to Watch, will welcome three new board members as part of the investment. Two executives at Leavitt Equity Partners, Andrew Clark and Ryan Howells, will join the board alongside Hon Pak, the head of digital health at Samsung.
B.well has developed a platform that allows users to access all their health care data from a variety of medical providers in one place instead of jumping among the websites of countless hospitals and doctor's offices. As part of its partnership with Samsung, the two firms will also work with health care companies like Walgreens and Rise Health to schedule in-person and telehealth appointments through the app. B.well will also provide health care advice, like telling patients when to get vaccinations or get screened for canceValdes believes placing all of these different tools on a mobile device is a great way to make health care more accessible.
"For the last several decades, health care has been talking about meeting people where they are, but we don't," Valdes said. "We expect consumers to know that we offer a service, know how to access that service and use our own tools."
The partnership could open up a huge market for the Federal Hill company as Samsung Health recorded 64 million monthly users in 2023.
“B.well provides unparalleled connectivity across health care providers, payers, labs, and devices — and unmatched personalization to consumers,” Pak said in a statement. “I’m honored to join b.well’s board of directors and support their efforts to give consumers the kinds of health care experiences they need and deserve.”
B.well already has experience managing millions of users and earning large amounts of venture capital. The company’s contracts with firms like MedStar Health cover 100 million patients. The company has also succeeded in the venture capital markets, raising $32 million in 2021. Alongside the work with Samsung, Valdes is planning to work with identity verification firm CLEAR to enhance customer security. The partnership will also make it easier for people to sign into health care portals without having to put in several usernames and passwords.
