Health data and wellness app Welltory plans to initiate a capital raise in the fourth quarter, said co-founder and CEO Jane Smorodnikova.

The Redwood City, California-based company is still evaluating whether to seek around USD 30m this year or to raise at least USD 10m initially, followed by a USD 30m to USD 50m round in 2027, Smorodnikova said. The decision will hinge on the results of studies Welltory launched this year involving people with chronic conditions.

Welltory is open to financial and strategic investors and may hire an advisor to run the process, she added.

The funding round is expected to coincide with the release of Welltory’s first clinical study data for patients with long COVID, the CEO noted. Proceeds would help build technology for nervous system monitoring, fund additional clinical studies, and expand Welltory into the employer market with self-funded health plans, Smorodnikova said.

Welltory’s artificial intelligence (AI)-powered app collects data from heart rate variability, activity, sleep, and lifestyle inputs—either via smartphone sensors or synced wearables—and provides users with personalized insights and guidance for overall well-being.

The platform has around 17 million total users, of which around 190,000 are paid, the CEO said. Welltory has users in 130 countries, with the US its largest market, followed by the UK, Australia, Germany, and France, she added. A premium subscription costs USD 99 per year.

Welltory generated annual recurring revenue (ARR) of approximately USD 15m in 2025, Smorodnikova said. It anticipates around USD 22m in 2026, without additional fundraising, she added. The company is reinvesting and purposefully operating at breakeven.

Multiples in the space “for wellness apps without science advantage” are around 1x to 2x ARR, the CEO noted.

Welltory has grown organically to date but is now interested in potential acquisitions of niche algorithms, such as those that predict conditions such as migraines, according to Smorodnikova. The company has looked at a couple deals, most recently eyeing a Singapore-based target around two months ago, she said.

The company prefers to fund potential M&A through cash, the CEO added.

Welltory has raised approximately USD 10m in capital, including USD 2m in venture debt from Braavo Capital (of which USD 1.4m remains), Smorodnikova said. Equity investors include Cabra VC, Goodwater Capital, Embria, Freesearch Ventures, CB Invest, TaxTerra OU, and Joint Journey.

Welltory was co-founded in 2016 by Smorodnikova, who said she is not the majority owner but has controlling rights.

Smorodnikova, 42, previously built startup teams as managing director at Founder Institute. Earlier, she co-founded and led Hong Kong-based accelerator Gurnard Perch Sophisticated Technologies and founded payment processing hardware company Kvartoplat, which sold to a strategic buyer in 2009, the CEO said.

Smorodnikova noted Oura Health and Whoop as other players in the space, while pointing to AI health app Bevel as a more direct peer.

In October 2025, Bevel completed a General Catalyst-led USD 10m funding round. That same month, Oura secured USD 900m in funding at an approximate USD 11bn valuation, with Fidelity Management as lead investor. Oura also has been an active acquirer, completing multiple strategic tuck-ins through 2026, including Doublepoint, Veri, Sparta Science, and Proxy. A subsidiary of Abu Dhabi-listed 2PointZero Group acquired a stake in Whoop earlier this year.

According to Smorodnikova, Welltory’s emphasis on visuals and entertainment—rather than heavy text—along with its focus on users with medical conditions such as long COVID and chronic pain differentiates it from most peers, which tend to target generally healthy users. About half of Welltory’s user base has an ongoing condition, and currently 4% of users discover the app through a doctor’s visit, a figure the company aims to increase to 10% by year-end.

Approximately 65% of users report sleeping better, reducing stress, and being more active within one to two months, according to the company. Around 75% of users engage with the app daily, with 56% still active after three years, Smorodnikova said.

Welltory has around 105 fully remote employees across 24 countries. It has no near-term plans to exit, Smorodnikova said.

The company uses law firm White Summers, accounting firm FinAcco, and valuation firm Scalar.