AcuityMD raises $7M in a seed round from Benchmark

SaaS News -AcuityMD-raises-$7M(source: SaaS Industry)
At a Glance

Boston-based AcuityMD has raised $7 million from Benchmark for developing its product. At present, their platform tracks and provides data on medical devices to sales representatives and manufacturers, who in turn can help doctors remain updated on the latest products launched in the medical field. They aspire to provide logistics solutions in the future.

Boston-based enterprise software startup AcuityMD, which tracks and provides data for improving medical devices, has raised $7 million in a seed round funding led by Benchmark. Ajax Health, which had raised about $100 million in 2019, had participated in the round.

Reports quoting AcuityMD’s Co-founder and CEO, Michael Monovoukas, state that the fresh capital shall be mainly invested in developing its product and doubling its eight-person team by the end of 2021. With the close of this funding round, Eric Vishria, General Partner at Benchmark, will join AcuityMD’s board of directors. 

What do they do?

AcuityMD aspires to work with the relatively siloed realm of medical device data. They track the entire medical device lifecycle, ranging from an item’s sale to a patient’s outcome post-surgery. By aggregating industry and market data on individual medical devices to get specific metadata it requires, AcuityMD helps doctors remain informed and up-to-date on the latest medical devices in the market.

There are thousands of products being launched each year, and so it’s almost impossible for a surgeon, after they’ve graduated fellowship or residency to keep track of the latest and greatest medical technology out there

Michael Monovoukas

Monovoukas added that the issue was not about the competency of doctors or surgeons but actually about the lack of information transfer in a data-driven world.

However, an exciting approach AcuityMD follows is selling their product to device manufacturers instead of doctors, who appear to be their primary stakeholders at first read. According to Monovoukas, AcuityMD’s data could help a sales representative and manufacturers with more market visibility.

Performance data on medical devices is a key signal that sales teams within manufacturers can use to beef up, and better target, their pitches

Michael Monovoukas

As a part of its future aspirations, AcuityMD aims to work on logistics and become the platform to predict inventory levels required at facilities supplying medical devices.

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