Better Ventures Leads $850k Seed Round in Iris Plans
We are excited to announce our $250,000 seed investment in Iris Plans, an Austin, TX-based digital health startup that provides Advance Care Planning (ACP) solutions for patients facing serious chronic illness. Iris Plans uses a telehealth platform with secure video conferencing and decision support tools to enable patients and their families to better plan for and navigate their critical treatment decisions in a complex healthcare system. The company is building a B2B model through which it works with health insurers and healthcare providers to reduce unnecessary utilization by 25%, employing proprietary algorithms that identify patients who will most benefit from ACP. Iris Plans is finalizing partnership agreements with a variety of partners and will use the proceeds from the round to build out the platform and launch with new customers this fall. More on the announcement here.
The Iris Plans co-founders bring extensive business, healthcare, and product experience to the table. Wes has known Steve Wardle (CEO) for over 15 years and has watched him build a successful career that has spanned investment banking, microfinance, impact investing, and digital health. Chief Medical Officer Stephen Bekanich, M.D. is one of the nation's foremost experts in palliative care with deep expertise and valuable relationships in the space, while Chief Product Officer Andrew Chen has led product and software development teams from the early stages through IPO. The team is executing on a huge market opportunity, as overspending on unnecessary care accounts for $200B+ annually in the US, larger than 90% of sectors in our economy. Iris is poised to put a dent in these costs and dramatically improve care for millions of patients and their families.