Phix Health Sets Record for Largest and Fastest Seed Round After CodeLaunch Appearance with a $3.5M Seed Round Deal in 5 Months.
Phix Health was a finalist for CodeLaunch DFW 2021 in October. Now they’re breaking a CodeLaunch record after they secured a round of seed funding which included $3.5 million in intellectual property and cash only five months after the competition. This is the fastest that any CodeLaunch finalist has closed a round of this size.
In March, they partnered with Bill Koehler and Mike Colson, two individual entrepreneurs who invest and operate in multiple companies. Both Koehler and Colson have been in the healthcare space for a long time and saw incredible value in Phix Health’s mission.
Because of this significant deal, Founder Mark Schultz told us they have been actively developing their app throughout the Spring. Phix Health will roll out its application’s beta version in October which will be ready for use, and the alpha version is set to be completed by July.
Mark said he started Phix Health because he noticed that wearables and every other device on the market gives historical data, but it ends there. That’s why Phix Health takes historical data, pairs it with AI, and gives the user an actionable plan to transform their health.
They do this by bringing together multiple data sets into their single platform by integrating with wearables like Apple Watches and Fitbits. It also connects with glucose monitors, EKGs, scales, blood pressure cuffs, and any other health or wellness device.
Mark said CodeLaunch allowed them to demonstrate how the app can take multiple devices and put the data into a singular platform to allow the user to have actionable recommendations to provide outcomes. Improving was their hackathon partner and made all of this happen. The developers helped build their website with a live demo to show people in the market how to use the app.
“CodeLaunch is unique,” Mark said. “I’ve seen a bunch of accelerators, and we’ve been invited to a bunch since then. We’ve turned them all down because they want equity. It’s been refreshing to see that basically, CodeLaunch empowers you to be a better person and a better company.”
He also told us CodeLaunch gave the Phix Health founder confidence that his idea could succeed. The competition helped him and his team elevate their sales pitch and helped them get in touch with investors.
“It was market validation for us,” he said. “CodeLaunch gave us a platform that allowed us to simplify our message.”
Phix Health’s target audience is anyone in the health space. They want to work with concierge physicians and other people in the wellness and fitness industry, as well as those in the life insurance and health insurance world.
Mark will join CodeLaunch Founder Jason W. Taylor on Discord on Monday, May 23rd. You can hear him speak about his journey in founding and creating Phix Health by joining the conversation. If you would like to receive similar results for your startup, do not miss out on applying to CodeLaunch Ohio 2022 which is set for August 25th. You can apply for it here.
To learn more about why you should apply for CodeLaunch, check out this blog post.