AcuityMD, a platform for commercializing and improving medical devices with data, announced today the close of a $7 million financing round led by Benchmark with participation from Ajax Health. Eric Vishria, General Partner at Benchmark will also join AcuityMD’s board of directors.
“AcuityMD sits at the intersection of healthcare, R&D and data, and we couldn’t have better investors to help us tackle this opportunity,” said Mike Monovoukas, CEO, Co-founder, AcuityMD. “Benchmark has an unrivaled track record in building marketplaces and expansive enterprise networks, including in the healthtech sector, while Ajax brings deep expertise in the medical device industry.”
Since launching commercially in 2020, AcuityMD has become a trusted partner within the medical device industry by creating a data platform for the entire medical device lifecycle, from sale and surgery to patient outcomes. Traditionally, data about the performance of medical devices in the field were not shared across manufacturers, healthcare providers using products, or insurance companies paying for these procedures. AcuityMD breaks medical device data out of these siloes, and helps its customers connect their product-level data to insights about healthcare providers and the patient outcomes they experience.
“Every month there are hundreds of new treatments and medical devices that come to market, but it’s impossible for doctors to keep up-to-date with all the innovation,” said Eric Vishria, Benchmark General Partner. “AcuityMD is unlocking the treasure trove of data across the industry, making sure doctors know the latest and greatest for the procedures they do, and ultimately improving patient outcomes.”
Over the past year, AcuityMD has attracted several leading Fortune 500 medical device manufacturers, giving them access to an intuitive software platform and curated data to target new sales opportunities, identify existing product users, and over time, better understand the performance of their products in the market. As healthcare regulations continue to shift the industry toward a value-based system, where providers are increasingly held accountable for patient results, AcuityMD provides medical device manufacturers a system of record that will enable them to track and improve their products based on real world patient outcomes.
“The impact of transformative medical technologies is only realized once they are placed in the hands of the clinicians who can use them to improve outcomes,” said Duke Rohlen, CEO and Managing Director of Ajax Health. “By translating data into actionable insights, AcuityMD empowers innovative medical device companies to more effectively connect their technologies with the right clinicians. In the process, the solution will create value for all stakeholders: device manufacturers, commercial teams, providers, payers and, most importantly, patients.”
AcuityMD’s platform can be tailored to serve any market vertical, including orthopaedics, spine, biologics, surgical imaging, endoscopy and more. The company will use the funding to accelerate hiring with a goal to double the team by the end of the year, and continue to invest in product development.
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