Virtual health coach app developer Noom has released details about its $16 million Series B round. It added another thousand to the amount it raised since we reported on the company’s Form D filing in January. Noom said it will use the funding to advance its coaching platform, which combines human and artificial intelligence change behavior in programs such as weight management, according to a company statement.
Chronic diseases are the focus of Noom Health programs, such as diabetes and heart disease. The company is also interested in collaborating with pharmaceutical companies to advance its apps.
New partner, Seoul-based venture capital firm InterVest Co., led the round. LB Investment, Hanmi IT, a subsidiary of Hanmi Pharmaceutical, RRE Ventures, TransLink Capital and Qualcomm Ventures also participated.
CEO of Noom Saeju Jeong said in the statement: “This round of funding will enable us to rapidly expand upon the work we have already begun in diabetes prevention to include helping cancer and congestive heart failure patients.”
The company graduated from the New York Digital Health Accelerator last year.
Digital health as a way to change the way people manage their health for the better has been a growing area of interest among investors who see the pervasiveness of mobile phones as an easy way to engage with patients between appointments. Artificial intelligence is increasingly a component of these kind of apps that seek to learn from the app user’s choices and create targeted interactions.
