About Evidation Health
Evidation Health, founded in 2012, is a healthtech start-up that has developed a platform that offers health tracking and reward features to its members and connects its members to research institutions. To date, the company has 5M+ users, partnered with 13 of the 15 largest life sciences companies, published 72+ peer-reviewed papers, and raised $259M+.
About The Platform: A Health Tracking Platform for Members & A Research Platform for Healthcare Institutions
About the platform. Evidation Health began because of the rapid adoption of consumer wearables and the rapid generation of person-generated health data (PGHD). Data generated from things like our smart phones, Apple watches, Oura rings, glucose monitors, body weight scales, and calorie-tracking apps has tremendous potential in generating actionable health insights. But for most people, this data is stored separately across dozens of systems – preventing an integrated health view.
For users: an app that integrates your health data and pays you for completing health challenges. Evidation integrates with popular commercial third-party health tracking devices and apps and then displays a seamless snapshot of a person’s health profile. On top of this, Evidation will also pay its users for completing health challenges tied to that data – from completing a walking challenge, answering sponsored research surveys, or engaging with health content. The more time a user spends on the app – the more data is integrated and the more money a user wins – fueling a sticky flywheel.
The research platform: a portal to access highly engaged subjects and comprehensive healthcare data. Because of this community of highly engaged users with extensive commercial-grade data collected daily from wearables and apps, research organizations have been extremely interested in paying Evidation to launch partnered research studies.
For instance, during the COVID pandemic, the US Department of HHS and the Bill Melinda Gates Foundation funded Evidation to conduct a study on an early warning system for COVID-19 and to better understand susceptibility to infection. Evidation used machine learning models on its 5M users to differentiate the earliest signals of COVID-19 from infections. In the on-going study, the models based on data collected from commercial wearables correctly identified more than 50%+ of COVID-19 cases by the third day of symptoms with high specificity.
The Value Creation (& Capture) Story
For Evidation, value creation lies in the value of integrated healthcare data and its community of highly engaged users.
For its 5M+ users, Evidation creates value across three ways: (1) offering a seamless display of integrated health data across a users’ network of third-party devices; (2) delivering health insights and targeted educational content based on the data collected; (3) paying its users for completing health challenges and research surveys or participating in research sprints; and (4) offering users a sense of purpose given that their data can be used to advance research and medicine.
For research organizations, the value lies both in this community and the daily data collected. Very rarely will research studies have such a captive participant group. This means research studies are (1) faster to recruit, (2) less likely to experience high participant drop-off rates mid-study, (3) less costly given the digital nature, and (4) collecting a higher volume of high-fidelity commercial-grade health data alongside key study endpoints. Collectively, this means faster, cheaper, and more comprehensive research studies.
Journey to Scalability & Sustainability
Growth depends on network effects. Critically, Evidation leverages its monetized research partnerships to incentivize user engagement and retention. Interestingly, this means as its community grows more engaged, the more research institutions would pay Evidation to gain access – fueling a growth flywheel.
At the end of the day though, Evidation’s journey will rest on two questions: (1) is Evidation’s health tracking and rewards platform THAT much better than what consumers can get elsewhere?; and (2) is the platform saving enough costs and delivering greater insights to researchers to warrant the access price?