06 Nov Mark Cuban Leads Investment in Validic
Mobile health app integration system recently funded by new round of investors, led by Mark Cuban.
Validic, a product of Motivation Science Inc which went through Tech Wildcatters last year, simplifies data collection from best-in-class mobile health apps and devices by deploying information through a single API.
Validic is a health behavior data pipeline that allows individuals to easily share their personal health data collected via mobile apps and devices with their insurer and their doctor. From there, the data can be analyzed to improve the provider’s services without inducing additional costs to build and maintain a personal system of app connections.
Mark Cuban is the lead investor among other rounds of angel investors. The deal was closed at $760,000.
“Personalized health is the future of healthcare,” says Mark Cuban, “and with the explosive growth of new mobile apps and devices coming on the market, Validic solves a fundamental problem of integrating all those new innovations into the healthcare system. I’m very excited for the future of Validic and the mobile health space.”
The new funding will be used in a number of ways according to Cofounder Ryan Beckland.
“We are in the process of hiring about 15 people as we are growing extremely fast. We are essentially trying to scale up to meet the demand of the marketplace.”
Validic’s user base has grown from 2.2 million to 10 million in the last year and is projected to reach 20 million by early next year.
Currently Validic has over 80 apps and devices implemented into its system. It’s estimated that over 97 thousand mobile health apps exist and that number will reach one million by the end of this year.
With the newly gained funding, Validic plans to integrate hundreds more, as well as deploy new features. The investment will also help to expand Validic’s customer base.
“We’re just trying to make sure everyone is taken care of, the data is readily usable, and it is simple for our customers to get access,” said Beckland.