What If Ventures

Founded by Stephen Hays, a West Point graduate and former investment banker in aerospace & defense, What If Ventures invests in disruptive healthcare and defense industrial startups. With nearly $100 million deployed across over 80 companies since 2019, the firm focuses on these sectors due to their large addressable markets, complex regulations, significant government customers, and lack of successful innovation by new entrants.

Past deals in Wellness

Levels

Series A in 2024
Levels develops a health and wellness platform that monitors metabolic fitness by tracking blood glucose in real time, enabling users to optimize their diet and exercise. The company offers a wellness wearable device paired with a platform that provides real-time feedback on how the body responds to dietary and lifestyle choices, helping users tailor their routines to personal goals. Founded in 2019, Levels operates as a remote-first company focused on helping individuals understand their metabolism to improve health outcomes.

Grayce

Series A in 2024
Grayce, Inc. is a health care agency based in San Francisco that specializes in providing personalized guidance and support for families caring for aging adults and children. Founded in 2019, the company offers a range of services designed to assist caregivers with various aspects of care, including insurance, finances, legal plans, medical care, home care, housing, daily needs, and overall well-being. Each member of Grayce receives dedicated support from a social worker who helps manage their comprehensive care needs by planning, prioritizing, identifying resources, coordinating care, and advocating on their behalf. Through its social care management platform, Grayce empowers family caregivers to navigate the complexities of caring for vulnerable loved ones.

Affect Therapeutics

Series A in 2023
Affect Therapeutics offers an integrated digital treatment program for drug and alcohol addiction via a mobile app. The program uses contingency management and other reward systems to encourage healthy behaviors and new habits, aiming to improve member retention and better outcomes.

Luna

Series B in 2023
Luna operates a health and wellness center specializing in physical therapies aimed at addressing various conditions such as orthopedic and sports injuries, senior care, post-surgical rehabilitation, and pain management. The company seeks to enhance the effectiveness of physical therapy by providing greater access to care for patients while offering therapists the autonomy and flexibility necessary to manage their careers effectively. Recognizing the challenges faced by both therapists and patients, Luna is committed to creating an environment that fosters independence and motivation, ultimately leading to improved outcomes and greater satisfaction in the therapy process.

Vitalize Care

Pre Seed Round in 2023
Vitalize Care builds software for healthcare organizations to optimize clinical operations, beginning with staffing and scheduling to reduce labor costs and improve efficiency, while easing administrative burdens on clinical leaders. The company also offers a wellness platform designed to support staff mental and emotional well-being, incorporating cognitive behavioral therapy tools and evidence-based digital mental health resources. The solution provides real-time data on staff well-being and performance and includes a dashboard that tracks mental health trends, app engagement, and drivers of burnout. This combination enables employers to understand needs, target interventions, and sustain a healthier, more productive workforce, ultimately supporting better patient care.

Sensate

Seed Round in 2023
Sensate is a London‑based company that designs a palm‑sized wearable device and companion app to reduce stress, anxiety, and improve sleep and concentration. The device sits on the chest and delivers sub‑audible tones that stimulate the vagus nerve, providing real‑time relaxation. It is part of BioSelf Technology’s product line and offers a subscription service alongside the hardware.

Mimio Health

Seed Round in 2023
Mimio Health is a nutraceutical company specializing in the research and production of mimetic supplements. Its patent-pending fasting mimetic formulation replicates the body's natural response to fasting by using a rigorously selected combination of bioactive human metabolites, inducing regenerative effects without requiring actual fasting.

Affect Therapeutics

Series A in 2023
Affect Therapeutics offers an integrated digital treatment program for drug and alcohol addiction via a mobile app. The program uses contingency management and other reward systems to encourage healthy behaviors and new habits, aiming to improve member retention and better outcomes.

Calibrate

Convertible Note in 2022
Calibrate Health, Inc., established in 2020 and based in New York, specializes in digital metabolic health services for sustainable weight loss. The company combines FDA-approved metabolic medications with a comprehensive curriculum and personalized virtual coaching to address the root causes of weight issues and promote long-term behavior change. Calibrate's approach, led by experts in obesity and nutrition science, aims to improve metabolic health and drive lasting results.

Maximus

Series A in 2022
Maximus is a consumer telemedicine company for men’s health and hormone optimization. Maximus is revolutionizing the performance enhancement space by democratizing doctor-prescribed protocols developed by some of the world’s leading experts in men’s health. Maximus’ King Protocol utilizes a convenient prescription medication capsule to stimulate natural testosterone production, proven by at-home lab tests. Maximus was established in 2020 by Cameron Sepah in Santa Monica, California.

Foresight Mental Health

Series C in 2022
Foresight Mental Health is a technology-enabled psychiatry and therapy services company that directly employs psychiatrists, therapists, and psychiatric nurse practitioners to treat patients in its clinics. The company develops technology in collaboration with its providers, leveraging software and biomedical engineering to enhance care. Through a network of clinics, it offers a broad range of mental health treatments and wellness services and maintains patient profiles and a repository of scientific research and clinical information, including genetic profiles, comprehensive symptom profiles, and brain-chemical balance estimates to inform personalized care.

Levels

Series A in 2022
Levels develops a health and wellness platform that monitors metabolic fitness by tracking blood glucose in real time, enabling users to optimize their diet and exercise. The company offers a wellness wearable device paired with a platform that provides real-time feedback on how the body responds to dietary and lifestyle choices, helping users tailor their routines to personal goals. Founded in 2019, Levels operates as a remote-first company focused on helping individuals understand their metabolism to improve health outcomes.

Mightier

Series B in 2021
Mightier is a Boston-based company that develops bioresponsive video games and a family program designed to help children regulate emotions. The platform pairs gameplay with a biofeedback heart rate monitor to adjust game difficulty, encouraging kids to stay calm and in control while learning to recognize and manage emotions in daily life. Created through collaboration with Boston Children's Hospital and Harvard Medical School, Mightier aims to address behavioral and emotional challenges by teaching real-time emotion regulation skills. Founded in 2016, the company offers a program that integrates mind-body signals into interactive experiences, enabling children to practice emotional control through engaging, age-appropriate games.

MiResource

Seed Round in 2021
MiResource aims to improve global mental health by connecting individuals with appropriate mental healthcare services. Its platform facilitates connections between patients and licensed therapy providers, offering information on various treatment options such as one-on-one talk therapy, medication management, and intensive outpatient programs.

Woebot Health

Series B in 2021
Woebot Health is a digital mental healthcare provider that offers a platform designed to deliver personalized support and guidance. Utilizing advanced artificial intelligence and natural language processing, Woebot Health incorporates clinically proven therapeutic techniques into its services. The centerpiece of its offering is Woebot, an engaging relational agent that facilitates continuous, empathic, and user-friendly interactions. This innovative approach allows individuals and organizations to access effective mental health support seamlessly, fitting into daily life and providing help whenever needed. Woebot Health aims to enhance mental well-being through scalable digital tools, making mental health resources more accessible to a broad audience.

TRIPP

Series A in 2021
TRIPP is a digital wellness company that develops immersive experiences for virtual reality, augmented reality, and mobile devices to support emotional well-being. The platform combines mindfulness structures, sound frequencies, visuals, and interactive elements to influence mood—helping users feel calmer, more focused, and less stressed. Aimed at consumer households, TRIPP delivers these experiences through VR, AR, and mobile formats, grounded in research-based content. The company is headquartered in Los Angeles, California, with a satellite development office in Chicago.

LivNao

Seed Round in 2021
LivNao Technologies is a Vancouver-based company that utilizes deep learning technology to monitor and enhance mental health. By passively collecting data, LivNao's platform identifies early indicators of mental health changes before they impact performance and productivity. Once a deviation is detected, the company provides timely interventions tailored to individual health plans, promoting proactive mental health management. LivNao aims to improve the quality of life for individuals and organizations alike, enabling informed decision-making for healthcare systems and insurers. Committed to maintaining privacy and security, LivNao operates in full compliance with HIPAA regulations.

Foresight Mental Health

Series A in 2020
Foresight Mental Health is a technology-enabled psychiatry and therapy services company that directly employs psychiatrists, therapists, and psychiatric nurse practitioners to treat patients in its clinics. The company develops technology in collaboration with its providers, leveraging software and biomedical engineering to enhance care. Through a network of clinics, it offers a broad range of mental health treatments and wellness services and maintains patient profiles and a repository of scientific research and clinical information, including genetic profiles, comprehensive symptom profiles, and brain-chemical balance estimates to inform personalized care.

Foresight Mental Health

Seed Round in 2020
Foresight Mental Health is a technology-enabled psychiatry and therapy services company that directly employs psychiatrists, therapists, and psychiatric nurse practitioners to treat patients in its clinics. The company develops technology in collaboration with its providers, leveraging software and biomedical engineering to enhance care. Through a network of clinics, it offers a broad range of mental health treatments and wellness services and maintains patient profiles and a repository of scientific research and clinical information, including genetic profiles, comprehensive symptom profiles, and brain-chemical balance estimates to inform personalized care.
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