The WiTT Group, Inc Completes a Financing Round Led by Sopris Capital With Participation From LEAD to Accelerate Growth and Build Out Its Patient Engagement and Data Platform
SANTA CLARA, Calif., November 13, 2024 (Newswire.com) - The WiTT Group™, Inc. a Digital Health and FinTech company focused on solving the non-clinical challenges patients face as they go through treatment, has announced the completion of a financing round led by Sopris Capital with participation from LEAD.
"We started WiTT to provide a platform where every patient can get the non-clinical financial and non-financial support they need as they go through treatment,” said Rahul Mahadevan, Founder & CEO of the WiTT Group, Inc. “The platform has seen rapid early success and we’re excited to deploy additional capital and resources behind our efforts to get more patients the help they need.”
The WiTT platform enables cancer patients to ask for the help they need, makes those needs visible to those who want to help, and incorporates a unique FinTech solution that addresses the challenges faced by the underserved and underrepresented patient populations that often don’t have adequate resources. In addition, the platform generates Social Determinants of Health (SDoH) data that helps organizations identify the biggest non-clinical risk factors that affect compliance and adherence to treatment, which, if addressed, can positively impact outcomes and get more patients through treatment.
WiTT will use the funds to enhance the platform capabilities of its WiTT Support Registry™, add key leadership positions, and accelerate market penetration of its innovative solution. The company is actively engaging customers to guide the enhancement of the platform and will seek to accelerate its expansion across the U.S. in both the provider and life science space.
“WiTT’s platform simplifies support for patients and creates unique SDoH data that we believe will help Providers and Life Science companies identify challenges that their patients face as they go through treatment. The solution supports key initiatives like increasing compliance and adherence to treatment, improving retention in clinical trials, and easing burdens on patients. WiTT has scaled its capabilities and is quickly gaining market traction. We are excited about investing in the company, have tremendous confidence in the team, and are excited to help them accelerate their growth so we can have a greater impact on every patient going through treatment,” said Abinav Sankar, Partner at Sopris Capital who joins The WiTT Group’s Board of Directors. “We love WiTT’s mission and are eager to get more patients the care they need.”
"Financial toxicity for patients undergoing treatment in the U.S. healthcare system is a critical issue that needs urgent attention. What excites us about backing WiTT is their platform’s unique ability to align incentives across key stakeholders and be able to support patients in need in the community. It efficiently delivers both financial and non-financial assistance to patients, while also driving improved treatment compliance for healthcare providers. Our vast network of Sports Franchises and Health Care partners all want to do more to support the communities they are in, and we believe the WiTT platform will give them the ability to do just that. We’re excited to support their commercial expansion as they grow the most valuable, proprietary patient dataset focused on self-reported social determinants of health,” said Justin Driscoll, Principal at LEAD.
“Sopris Capital and LEAD are perfect investment partners for us because of their deep industry connections and focus in healthcare,” said Rahul. “Together, we will be able to accelerate growth and continue to innovate and enhance our platform to help patients get the non-clinical support they need as they go through treatment so that they can focus on what is truly important – their health.”
About The WiTT Group, Inc.
The WiTT Group, Inc. is focused on solving the non-clinical challenges (financial and non-financial) patients face as they go through treatment. The company offers a unique Support Registry platform which empowers patients to get the support they need, as well as making it easy to ask for and receive help. WiTT, which stands for "We're in This Together," combines the simplicity of a wedding registry with the personalized needs of a patient and a financial tool, into an easy-to-use platform. WiTT's initial focus is on cancer and other chronic diseases. More information on the WiTT Group can be found at www.wittforever.com.
About Sopris Capital
Sopris Capital invests growth equity in technology-enabled business services and SaaS companies solving critical pain points. Sopris partners with fast-growing companies with a validated business model, proven product/market fit, and a strong management team. Learn more at: http://www.sopriscapital.com.
About LEAD
LEAD is a global venture corporation shaping the future of sports and health. As institutional investors with an entrepreneurial mindset, LEAD operates an investment division - sourcing, funding, and driving the growth of early-stage startups worldwide - and an innovation services division - advising organizations on their innovation and investment initiatives. For more information, visit www.lead.vc
Source: The WiTT Group
