Our Investment in Jasper Health
We are thrilled to announce that 7wireVentures has led an investment in Jasper Health, a digital navigation and engagement platform for individuals with cancer, as part of the company’s $6.75M financing round. Jasper is the first end-to-end care experience that navigates, connects, and provides actionable insights for those living with cancer, their caregivers, and providers throughout the cancer journey.
Jasper was conceived and launched by Redesign Health, a mission-driven innovation platform that incubates transformative healthcare companies. After identifying the clear need for a solution to navigate consumers throughout their cancer experience and the massive market opportunity, Jasper Health was born. We are delighted to partner with Redesign Health and apply our collective consumer-centric healthcare expertise to scale the Jasper Health platform.
At 7wireVentures, we are intentionally investing in solutions that empower an Informed Connected Healthcare Consumer. Jasper Health fits squarely into this thesis by reducing the hassles faced by consumers through the course of their treatment (and beyond) and empowering them with data and hands-on guidance to make smart care decisions to improve their overall health.
“Given the significant impact that a cancer diagnosis has on an individual, the 7wire team has actively been searching to make an investment in the oncology space for some time,” said Lee Shapiro, Managing Partner of 7wireVentures. “Jasper is building the future of personalized care pathways to improve the lives of individuals living with cancer. Jasper reflects the exact consumer-centric approach we were seeking to invest in.”
We are equally pleased that former CVS Health Executive, Adam Pellegrini, has joined as Jasper’s CEO and co-founder. Adam brings over two decades of experience in the digital health space, developing next generation products, programs, and service offerings at CVS, Fitbit, Walgreens, Microsoft, and the American Cancer Society.
“Having a lasting impact in the oncology care space has long been a personal and professional passion of mine. Naturally, I am honored to have the opportunity to finally address the frustrations and pain points experienced daily by the millions of Americans diagnosed with cancer,” said Adam. “And to work with long-time partner, 7wireVentures in addition to Redesign Health, to achieve this aim is unparalleled.”
Jasper presents a unique opportunity to provide a comprehensive platform for cancer patients, delivering a superior and streamlined care management experience and vastly improved consumer experience at each phase of the cancer journey. The platform delivers AI-driven navigation and connects users to providers and care teams in a HIPAA secure environment. Jasper’s 24/7 Care Guides offer personal guidance and tactical support for consumers from diagnosis through survivorship. By leveraging both technology and human interaction, the company ensures its Members will have access to the right information at the right time.
Why We Invested:
A Clear Need for Improvement
The consumer experience for cancer treatment varies greatly across providers and for many, is inadequate. Many individuals are left with minimal guidance and support after receiving news of diagnosis, leading them to feel afraid, unprepared, and overwhelmed. Additionally, individuals with cancer report difficulty in finding relevant information to understand treatment options, financial costs, mental health, and improving quality of life. To enhance the experience at every stage of the care journey, Jasper takes a holistic approach, considering the emotional, wellness, social, and tactical assistance needs in conjunction with the core care coordination needs of the Member.
The Growing Financial Burden of Cancer Treatment
Cancer today is one of the most important health problems facing our country. Despite milestone advances in care and research, the disease continues to be the second leading cause of death in the United States. In addition to these tragic implications, the cost of cancer care continues to rise and persists as the costliest illness, with $150B spent on cancer care in the U.S. last year alone. These rising costs create immense financial strain for patients themselves who face high and rising out of pocket costs, with 63% of cancer patients reporting financial struggles following a cancer diagnosis, spending $15K out of pocket on average. As a result, nearly 12% of consumers were forced to lower the dose of their prescription drugs due to the out-of-pocket costs, resulting in subpar health outcomes and putting their lives at grave risk. Payers, employers, providers, and consumers are all looking for solutions that drive strong treatment adherence, health outcomes, and ultimately drive down costs.
Prime Opportunity to Improve Treatment Decisions and Broader Health Outcomes
The advancement in treatment has transitioned cancer from an acute disease to, in many cases, a manageable chronic disease, shifting responsibility to the consumer to manage treatment. Sadly, adherence rates to these lifesaving, critical treatments are reported to be as low as 20%. Barriers to adherence include complexity of treatment regimen and schedule, side-effects of treatment, and financial impact of drugs and treatments. The Jasper solution enhances adherence by monitoring members with complex treatment regimens, managing side-effects, supporting Members in obtaining financial assistance for high-cost drugs, and providing seamless access to side effect care or co-morbidity care needs. Additionally, Jasper improves health outcomes by encouraging symptom management and offering evidenced backed holistic care options such as mental health support, nutrition coaching, and exercise guidance.
“Jasper is primed to make incredible advances in oncology navigation, engagement, and treatment adherence, ultimately lowering medical spend for both consumers and the broader health ecosystem,” said Alyssa Jaffee, Partner at 7wireVentures. “Equally important, however, is that the advancement Jasper will make in this space will transform a traditionally opaque and burdensome process into an end-to-end care journey that empowers Informed and Connected Health Consumers to take charge of their healthcare decision making throughout their care journey.”
Japer has already served thousands of Members and will continue to build its team and enhance its offering to expand the company’s impact and reach. Jasper is well positioned to fulfill its mission and provide meaningful support for the millions of people living with cancer.
Read more in the latest press release.