CoverUS

Profit From Your Health Data

Company Information

Website:

https://coverus.health/

Sector:

Healthcare Software

Location:

Brooklyn, NY

CoverUS is a mobile app that enables users to protect their health data, and to profit from it.

Users create a profile, then grant healthcare and data research companies access to their information in exchange for money.

In doing so, CoverUS users have unprecedented control over how and with whom their data is shared.

With its platform, the company is focused on electronic health records, mobile health, and “telehealth.” This presents an $80 billion opportunity within the digital health market.

According to Rock Health, a venture capital firm providing funding to health-related companies, digital health startups raised more than $7 billion in 2018. This is up significantly from $5.7 billion in 2017. Last year, 10 companies were acquired for at least $100 million, including disease management startup Livongo, healthcare management company Collective Health, and health data company Tempus.

CoverUS believes it can provide the financial means for people to engage in early-stage, preventative healthcare. This can improve patient outcomes and help save billions of dollars per year.

By 2020, healthcare is projected to be a nearly $9 trillion global market.

The problem is 37% of Americans can’t afford a $100 medical bill, and 64% of patients are delaying health treatment until they have the money to pay for it. This results in poor health outcomes and skyrocketing national health costs.

At the same time, consumer data brokering has become a $200 billion industry, and health data makes up roughly $20 billion of that total.

Health data is bought and sold daily without people’s knowledge or consent. This is an invasion of privacy for individuals. And it makes it difficult for healthcare companies to effectively target customers or collect real-time health data from patients at scale.

CoverUS has developed a solution by creating a new type of health data business. Instead of third-party companies collecting and profiting from people’s private information, the company’s app enables users to take control of their health data and earn money at the same time.

The platform acts as a two-sided marketplace between consumers and healthcare companies. Companies pay users for sharing their health data, responding to targeted ads, and engaging in healthy behaviors.

CoverUS makes money when members create health data profiles and respond to targeted, revenue-earning offers from the healthcare industry. This transaction fee model means the company only profits when its members do.

The mobile app engages patients from what the company calls “Lab to Life.” Essentially, this process enables the healthcare industry to identify and reward priority patients for adopting life-saving treatments and wellness practices.

The app secures data with state-of-the-art encryption, and keeps members’ details private through its system called RESPECT. This helps limit the chances of cyber attacks, as healthcare is the industry most affected by data breaches. In addition, this system encourages the ethical sharing of data and enables members to decide what information they want to share, and with whom.

CoverUS is led by Co-Founder and CEO Andrew Hoppin. Hoppin, a former NASA scientist, is a serial tech entrepreneur with multiple successful exits. The company’s advisory board includes the former Chief Technology Officer of the U.S. Health and Human Services Department and the former Global Board Chairman of Planned Parenthood.

CoverUS launched in 2017, and soon after won the Consensys Blockchain Hackathon.

In Q3 2018, the company joined the Startup Health Accelerator, a program offering funding and strategic planning to healthcare-related startups. In addition, CoverUS received funding from Centrality Ventures, a venture capital company focused on the healthcare technology industry.

In Q2 2019, CoverUS will launch a minimum viable product, and begin a pilot program targeting a 1.5 million-member patient group suffering from chronic diseases. This is when the company plans to begin generating revenue.

In order to grow, CoverUS is negotiating partnerships with medical, advertising, and health IT companies, and will use funds raised to support app development, finalize health regulations, and increase marketing spending.

Long-term, CoverUS aims to become the world’s leading health data broke with direct patient consent. This includes selling custom data and insights to the healthcare industry, and creating a regular stream of income for all of its members.

Team Background

Andrew Hoppin - Co-Founder & CEO

Andrew is a serial tech entrepreneur who has achieved multiple successful exits.

He was President of DKAN Data Solutions, a software company acquired by GovDelivery in 2014.

In addition, he was a business development consultant for Jaiku, a social networking website. He helped launch the website in the U.S., and was instrumental in the company’s acquisition by Google.

For four years, Andrew served as a mentor for Code for America, an accelerator focused on teaching coding to early-stage companies.

He previously worked at NASA’s Ames Research Center, where he managed the organizations CoLab program. This program was designed to increase efficiency by establishing partnerships between NASA and tech-related companies.

Andrew earned a Bachelor’s degree in Planetary Science from Brown and a Master’s in Environmental Science from UC Berkeley.

Christopher Sealey - Co-Founder & President

Before starting CoverUS, Christopher was a general partner for ChainLink, a hedge fund focused on investing in blockchain and crypto-related assets.

He previously founded Narrative, a design agency focused on brand development and visual design.

For five years, Christopher served as Chief Operating Officer for the Institute of New Economic Thinking. This company awards more than $10 million annually in support of innovative economic research, and was co-founded by famous investors George Soros, William Janeway, and Jim Balsillie.

Christopher was formerly Vice President of Marketing and Communications for Housing Works, a New York-based organization dedicated to HIV/AIDS research.

He earned a Bachelor’s degree in Philosophy from Syracuse University.

Peter Shanley - Co-Founder & Strategic Advisor

Peter has extensive experience bringing products and services to market.

He was Head of Partnerships for Civic Hall, a New York-based innovation center for tech-minded individuals and entrepreneurs.

He was one of the first employees at Neo Innovation, a full-stack digital consulting firm which was acquired in 2016. He was responsible for increasing the company’s revenue and recruiting employees for its San Francisco office.

Peter has previously worked as a product manager for HP, and a program manager for Yahoo!

He earned a Bachelor’s degree in Psychology and Political Science from Yale.

Co-Investors

Centrality Ventures

VC company focused on the healthcare technology industry.