What If Ventures

Founded by Stephen Hays, a West Point graduate and former investment banker in aerospace & defense, What If Ventures invests in disruptive healthcare and defense industrial startups. With nearly $100 million deployed across over 80 companies since 2019, the firm focuses on these sectors due to their large addressable markets, complex regulations, significant government customers, and lack of successful innovation by new entrants.

Past deals in Personal Health

Levels

Series A in 2024
Levels develops a health and wellness platform that monitors metabolic fitness by tracking blood glucose in real time, enabling users to optimize their diet and exercise. The company offers a wellness wearable device paired with a platform that provides real-time feedback on how the body responds to dietary and lifestyle choices, helping users tailor their routines to personal goals. Founded in 2019, Levels operates as a remote-first company focused on helping individuals understand their metabolism to improve health outcomes.

Legacy

Venture Round in 2024
Legacy is a company focused on transforming male fertility through innovative testing and preservation solutions. Founded by healthcare and fertility experts, Legacy provides home-based kits that allow men to analyze, improve, and preserve their sperm without the need to visit a clinic. Their offerings include sperm analysis and cryogenic storage options, facilitating the preservation of fertility for clients in a straightforward and accessible manner. The company collaborates with leading hospitals, fertility clinics, and progressive employers to ensure high-quality services. Legacy has garnered recognition through various awards, including victories at TechCrunch Disrupt and MassChallenge Boston, and has attracted investment from notable firms such as Bain Capital Ventures and Section 32.

Grayce

Series A in 2024
Grayce, Inc. is a health care agency based in San Francisco that specializes in providing personalized guidance and support for families caring for aging adults and children. Founded in 2019, the company offers a range of services designed to assist caregivers with various aspects of care, including insurance, finances, legal plans, medical care, home care, housing, daily needs, and overall well-being. Each member of Grayce receives dedicated support from a social worker who helps manage their comprehensive care needs by planning, prioritizing, identifying resources, coordinating care, and advocating on their behalf. Through its social care management platform, Grayce empowers family caregivers to navigate the complexities of caring for vulnerable loved ones.

Patient Sortal

Seed Round in 2023
Patient Sortal is a community-based organization focused on supporting individuals reintegrating into society after incarceration by providing essential healthcare services. It employs a blockchain-based data management system to digitize medical records and connect returning citizens with qualified healthcare providers seamlessly. By streamlining the process, Patient Sortal eliminates unnecessary duplicate assessments, appointments, and medication prescription refills, thereby reducing overall healthcare costs per patient. The organization emphasizes evidence-based, data-driven approaches to population health and care management, ensuring that individuals have access to continuous medical care during their transition back into the community. Through these efforts, Patient Sortal addresses critical healthcare challenges faced by this vulnerable population.

Frame - Fertility & Family Building

Seed Round in 2023
Frame develops an evidence-based platform for early detection of risk and care navigation to inform family building and planning. Its approach alleviates a downstream and often costly health crisis for patients, employers, and payers.

Affect Therapeutics

Series A in 2023
Affect Therapeutics offers an integrated digital treatment program for drug and alcohol addiction via a mobile app. The program uses contingency management and other reward systems to encourage healthy behaviors and new habits, aiming to improve member retention and better outcomes.

Luna

Series B in 2023
Luna operates a health and wellness center specializing in physical therapies aimed at addressing various conditions such as orthopedic and sports injuries, senior care, post-surgical rehabilitation, and pain management. The company seeks to enhance the effectiveness of physical therapy by providing greater access to care for patients while offering therapists the autonomy and flexibility necessary to manage their careers effectively. Recognizing the challenges faced by both therapists and patients, Luna is committed to creating an environment that fosters independence and motivation, ultimately leading to improved outcomes and greater satisfaction in the therapy process.

Mimio Health

Seed Round in 2023
Mimio Health is a nutraceutical company specializing in the research and production of mimetic supplements. Its patent-pending fasting mimetic formulation replicates the body's natural response to fasting by using a rigorously selected combination of bioactive human metabolites, inducing regenerative effects without requiring actual fasting.

Affect Therapeutics

Series A in 2023
Affect Therapeutics offers an integrated digital treatment program for drug and alcohol addiction via a mobile app. The program uses contingency management and other reward systems to encourage healthy behaviors and new habits, aiming to improve member retention and better outcomes.

Calibrate

Convertible Note in 2022
Calibrate Health, Inc., established in 2020 and based in New York, specializes in digital metabolic health services for sustainable weight loss. The company combines FDA-approved metabolic medications with a comprehensive curriculum and personalized virtual coaching to address the root causes of weight issues and promote long-term behavior change. Calibrate's approach, led by experts in obesity and nutrition science, aims to improve metabolic health and drive lasting results.

Maximus

Series A in 2022
Maximus is a consumer telemedicine company for men’s health and hormone optimization. Maximus is revolutionizing the performance enhancement space by democratizing doctor-prescribed protocols developed by some of the world’s leading experts in men’s health. Maximus’ King Protocol utilizes a convenient prescription medication capsule to stimulate natural testosterone production, proven by at-home lab tests. Maximus was established in 2020 by Cameron Sepah in Santa Monica, California.

Levels

Series A in 2022
Levels develops a health and wellness platform that monitors metabolic fitness by tracking blood glucose in real time, enabling users to optimize their diet and exercise. The company offers a wellness wearable device paired with a platform that provides real-time feedback on how the body responds to dietary and lifestyle choices, helping users tailor their routines to personal goals. Founded in 2019, Levels operates as a remote-first company focused on helping individuals understand their metabolism to improve health outcomes.

HealthRhythms

Seed Round in 2022
HealthRhythms develops a digital platform that assesses and monitors mental health conditions using deep machine learning and predictive analytics. Its solution offers real-time behavioral monitoring and personalized interventions, enabling healthcare providers to accurately measure mental health status and deliver timely care.

Human API

Venture Round in 2021
Human API is a health data network that facilitates the real-time sharing and viewing of health information across various platforms. Founded in 2013 and headquartered in San Mateo, California, the company connects consumers with their health data from a wide range of sources, including 90% of US hospitals, electronic medical records, pharmacies, labs, and over 300 wearable devices and wellness applications. The platform utilizes a machine learning-powered data pipeline to structure health data into a consistent format, making it accessible for medical researchers and scientists. Importantly, Human API empowers consumers by giving them full control over the sharing of their health information, while also providing companies with a streamlined method to access fragmented health data.

Applied Cognition

Venture Round in 2021
Applied Cognition is a clinical-stage therapeutics company focused on advancing the biology of brain glymphatic function for medical care. It develops a digital health management platform with unobtrusive wearable sensors to monitor disease progression and a medical device for translational measurement of brain glymphatic biology, enabling healthcare professionals to diagnose, monitor, and treat Alzheimer's disease.

MiResource

Seed Round in 2021
MiResource aims to improve global mental health by connecting individuals with appropriate mental healthcare services. Its platform facilitates connections between patients and licensed therapy providers, offering information on various treatment options such as one-on-one talk therapy, medication management, and intensive outpatient programs.
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