EXCLUSIVE: Blockchain-powered project targeting HIV treatment in Africa raises $2 million from VCs
Blockchain-powered healthcare ecosystem Immunify.Life announced on Friday that it has raised $2 million from venture capitalists in the blockchain and digital transformation space as part of its seed and private investment rounds.
The company’s valuation after the fundraising is unclear.
The funds will be used for field work in the country using Immunify.Life’s health ecosystem to address health challenges.
The company will initially focus on HIV and vaccination management in Africa.
First blockchain project to tackle HIV: Newing
CEO of Immunify.Life Guy Newing told Benzinga that the company was envisioned as the world’s first blockchain and cryptocurrency project to tackle poor HIV treatment rates.
He added that tackling the problem of HIV/AIDS and poor patient adherence to treatment regimens requires understanding the drivers of patient behavior and the obstacles that patients face when trying to access treatment.
“With the right infrastructure, partnerships and technology components in place, Immunify.Life has begun to harness the power of blockchain, crypto-based incentives and efficient data capture and analytics to develop better, patient-focused solutions – all to improve patient access and uptake of life-saving HIV treatments. The money raised will help us achieve these goals,” Newing said.
The Beachhead HIV Field Project is ongoing
The company states that the “beachhead HIV field” project is ongoing in Kenya. Each year, the country has 40,000 new HIV infections and 20,000 deaths attributable to the disease.
Overall, over 1.5 million people in the country are HIV positive.
Although medications such as antiretroviral drugs or ART can significantly reduce AIDS-related death rates, 30% of these patients do not use the life-saving therapies readily available to them, the company said.
It added that Immunify.Life seeks to increase patient adherence to available therapies by using a cryptocurrency-based incentive system.
Research with the Kenyan government
The research is carried out in collaboration with the regional Kenyan government and local universities of science and technology.
With the latest round of fundraising, the research has begun enrolling patients, bringing the possibility of using cryptocurrencies to save lives even closer to reality, the company stated.
