To develop the healthcare ecosystem, SimplyVital Health has received a $225,000 grant from the United States National Science Foundation (NSF). With this, SimplyVital Health is now among the 400 companies funded by NSF every year.
This equity-free funding is an initiative by NSF to support startups in their research, innovation, and potential societal impact. As SimplyVital Health has been developing and bringing its idea to the market, with the aim to reduce healthcare costs, these fund will accelerate the company’s growth.
Brighton-based SimplyVital Health aims to conduct research around Health Nexus — a HIPAA compatible and trusted blockchain protocol developed by the team. Health Nexus is currently in testnet aiming to revolutionize how we use and see medical records. Part of the research process also involves integrating Nexus with the Graphene protocol for which the $225000 grant will be invaluable.
Talking about this, SimplyVital Health’s CEO Kat Kuzmeskas said:
“This grant is transformative and endorses blockchain as a viable tool to re-engineer healthcare. We are thrilled to represent the NSF with our blockchain work.”
SimplyVital Health’s First Phase of Funding
This is the first phase of the equity-free funding. Throughout the process, SimplyHealth Vital will explore the open source Graphene protocol, how to integrate the protocol’s 3000+ transactions per second into Nexus, and discover new strategies to add delegated proof of stake.
Once the research confirms integrating Graphene blockchain framework is the way to go, mitigating all the risks, SimplyVital Health can seek another round of funding through NSF. In most cases, in the next round, NSF funds companies upto $750,000 (with a duration of 2 years).
Previously, SimplyVital Health was charged a whopping $6.3 million for an unregistered ICO. As a remedial effort, the company quickly made changes: it did not deliver the HLTH tokens to the pre-sale investors and refunded investors’ money in the form of ETH and USD.