Winston-Salem startup, committed to minimizing healthcare costs, raises $1.3M

WINSTON-SALEM – A Winston-Salem startup, committed to helping employees save on their health plans, has raised roughly $1.35 million in equity.

Wellnecity, founded by John Quinn in 2018, collected the funds from 30 investors, according to a recent SEC filing.

The round is still open and capped at $1.39 million — with around $47,260 remaining to be sold.

The filing disclosed that funds would go towards “none other than payments of salary and bonuses in the ordinary course of business.”

Wellnecity’s mission: to lower the cost of healthcare benefits for employers and their employees by “colidating and analyzing data” and “leveraging advanced analytics, insights, and real-time cost monitoring.”

According to its LinkedIn account, the company is leveraging the following technologies: blockchain to gain access to claims data and health records, decreasing friction between providers, payors, and patients; machine learning to deliver clean data at scale; and micro-services to manage information access without the burden of competing portals/user interfaces.

Back in 2019, the firm raised around $667,000 in equity and another $303,870 in 2018, according to former reports.

Quinn signed both filings.