New York, NY — April 1, 2015 — Noom, Inc., a mobile health company, announced today that it has completed raising $16.15 million in Series B funding led by new partner InterVest Co. Ltd., a Seoul, Korea-based venture capital firm; with participation in the round from LB Investment; Hanmi IT, a subsidiary company of Hanmi Pharmaceutical Co., Ltd.; New York-based RRE Ventures; TransLink Capital and Qualcomm Ventures.
The Series B comes just over one year after the company raised a $7 million Series A to build upon its rapid growth among consumers and enter the healthcare industry. With an overall user base now exceeding 32M, Noom will use the Series B funds to further develop the application of its coaching platform, which combines human and artificial intelligence to deliver successful behavior change programs that scale. The company’s current programs target chronic diseases such as diabetes and heart disease.
“Noom’s mobile technology makes effective behavior change programs widely accessible, affordable and approachable to a broad range of patients,” said Jinwoo Song, Director of InterVest Co. “Their experience helping millions of consumers lose weight demonstrates that they know how to build a product people want to use.”
“We’ve had a tremendous response from the healthcare industry already this year,” said Saeju Jeong, CEO of Noom. “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.”
In the last year, Noom has seen significant momentum in the healthcare field. The company tested and refined its coaching platform for healthcare providers as part of a beta program with EmblemHealth, New York’s leading health insurance company. The company was also selected to participate in the 2014 New York Digital Health Accelerator (NYDHA). From this Noom launched B2B preventive health pilots with: Aetna, New York Presbyterian and Greater Buffalo United Accountable Health Network.
The company plans to build upon this work in several key areas including partnering its human- and artificial intelligence-coaching with pharmaceuticals.
“Population health is more than adhering to doctor visits and medications, it must take a whole person orientation that incorporates successful behavior change,” said Jonghoon Lim, CEO, Hanmi IT, a subsidiary company of Hanmi Pharma. “The outcomes Noom has achieved thus far indicate its coaching platform can help people make successful behavior changes, which will lead to better treatment outcomes.”
Healthcare providers who use Noom’s coaching platform have access to a customizable dashboard and messaging system allowing them to monitor and communicate directly with their program participants. Participants download Noom Health from either iTunes App Store or Google Play Store and unlock their program through a uniquely identified access code assigned by their healthcare provider. Participants will follow a program that includes daily tasks assigned by a trained coach, short-form education content, food-logging, exercise-logging, one-on-one coaching and group support. The ultimate goal is to drive lasting behavior change for healthier habits.
Noom, Inc. is a mobile health company that harnesses the power of technology and the empathy of real human coaches to deliver successful behavior change programs that scale.
Noom’s research-backed products help people with chronic conditions and diseases achieve real, positive outcomes. Noom was awarded a grant from the National Institutes of Health (NIH) and was selected to participate in the 2014 New York Digital Health Accelerator (NYDHA) through which it has launched pilot programs with Aetna, New York Presbyterian and Greater Buffalo United Accountable Health Network.
Noom’s apps boast more than 32 million installs worldwide and its flagship app, Noom for Android, has been the #1 top grossing Health and Fitness App since 2012 in the Google Play Store. Noom has offices in New York City, Berlin, Seoul and Tokyo.