Blockchain-powered health care ecosystem Immunify.Life on Friday announced it has raised $2 million from venture capitalists in the blockchain and digital transformation spaces as part of its seed and private investment rounds.
The company’s valuation after the fundraise is unclear.
The funds will be used for in-country fieldwork using Immunify.Life’s health ecosystem to address health challenges.
The company will initially focus on HIV and vaccination management in Africa.
First Blockchain Project To Tackle HIV: Newing
Immunify.Life CEO Guy Newing told Benzinga the company was conceived as the world’s first blockchain and cryptocurrency project to tackle poor HIV treatment rates.
He added that tackling the issue of HIV/AIDS and poor patient adherence to treatment regimens requires an understanding of the drivers of patient behavior and the obstacles that patients face when trying to access treatment.
“With the right infrastructure, partnerships, and technology components in place, Immunify.Life has begun to leverage the power of blockchain, crypto-based incentives and effective data capture and analysis to develop better, patient-focused solutions – all to improve patient access and use of life-saving HIV treatments. The funds raised will help us achieve these goals,” Newing said.
Beachhead HIV Field Project In Progress
The company states that the “beachhead HIV field” project is in progress in Kenya. Every year, the country has 40,000 new HIV infections and 20,000 fatalities attributable to the disease.
Over 1.5 million persons in the nation are HIV-positive overall.
Even while medications like antiretroviral medicines or ART can significantly lower AIDS-related death rates, 30% of these patients do not utilize the life-saving therapies that are readily available to them, the company said.
It added that Immunify.Life seeks to increase patient adherence rates to accessible therapies by utilizing a cryptocurrency-based incentives system.
Research With The Kenyan Government
The research is being carried out in collaboration with the regional Kenyan government and local universities of science and technology.
With the most recent fundraising round, the research has started to enroll patients, bringing the possibility of using cryptocurrencies to save lives even closer to reality, the company stated.