The Fall 2024 Fuel cohort concluded with Demo Day in December, where CodaHx emerged as the grand prize winner, taking home $15,000. CodaHx is a software service startup with a central mission to modernize U.S. healthcare and simplify medical billing. While all 10 ventures received $5,000 in grant money, three standout teams earned additional prizes to propel their ventures forward including:
- Grand Prize ($15,000), selected by the judges: CodaHx
- Audience Prize ($5,000), voted by in-person attendees: Fetal Therapy Technologies, a novel port system optimized for fetal therapy surgeries
- Cohort Prize ($3,000), selected by cohort members: Sunkara Wellness, a headset and companion app designed for individuals with depression and anxiety, especially those who have not responded to conventional therapies
The big event began with a live Q&A session followed by the teams pitching their innovations at the Pava Center to an audience of over 150 attendees. After the pitches and award announcements, teams showcased their products at individual booths, fostering connections with attendees. These interactions have historically led to significant introductions to investors, partners, and collaborators, and the Pava Center anticipates the future collaborations sparked at this event.
The esteemed panel of judges included:
- Charlotte Clark, Investment Program Manager at DC Tech & Venture Coalition, and Economic Recovery Corps Fellow at the International Economic Development Council
- Matt Hellauer, Managing Partner at PTX Capital
- Jon Kling, CEO of Municipal Ventures
“Ventures this semester grew tremendously in a short period. After receiving feedback from guest speakers, mentors, and other cohort members, a few ventures pivoted their business models and other development strategies,” said Paul Davidson, Associate Director of the Pava Center. “This is a major success because founders took advantage of all the resources provided.”
Oren Wei, CEO and co-founder of CodaHx and a medical student at Johns Hopkins, shared insights into their journey. “CodaHx was born out of a need for patients to have better understanding, transparency, and advocacy for their medical bills,” Wei explained. “Our thesis is that intentionally using the latest AI technologies can empower patients to make decisions about their health and pay for it. Our first feature set aims to scan patient bills for errors, screen for financial assistance programs, and connect patients with resources they might not know how to access.”
Reflecting on the semester, Wei highlighted the progress CodaHx made. “Coming into Fuel, we had an outline of what we wanted to build. We started with a bare-bones website and web app, then fleshed out the user interface and integrated everything into one workflow. We improved our accuracy by scraping official rulesets for medical billing and added more data for financial assistance screening.”
Wei also emphasized the valuable connections made through Fuel, including other cohort members and guest speakers, and the practical knowledge gained from accounting and intellectual property workshops. “Everyone was motivated to build something. It was an entrepreneur-like atmosphere, which helped me feel positive about the future,” he said. In the future, Wei is interested in participating in other Johns Hopkins-affiliated funding pipelines, such as Carey Venture Showcase, HopStart, and NSF I-Corps.
Davidson remains optimistic about the future of the Fuel teams. “I expect the ventures to continue their promising trajectories. Several founders built valuable connections during Demo Day, which will lead to relationships with investors, business partners, and additional customer research,” he said.
For Johns Hopkins students interested in advancing their later-stage ventures, applications for the Spring 2025 Fuel cohort are currently open.