AcuityMD Gains $45M in Series B Funding

AcuityMD has secured $45 million in Series B funding to expand its commercial intelligence platform and advance the company’s mission of accelerating the adoption of cutting-edge medtech. 
 
Funding was led by ICONIQ Growth, with participation from Atreides Management, Stepstone Group, existing investors, Redpoint Ventures, Benchmark Capital, and Artisanal Ventures. Four AcuityMD investors include former medtech CEOs, including Bill Hawkins, former CEO of Medtronic.
 
AcuityMD has raised over $83 million and achieved a 10x increase in annual recurring revenue since its 2022 Series A funding. 
 
“We are fortunate to work with fantastic financial partners as well as experienced MedTech industry executives who broaden the perspective of our Customer Advisory Board,” said Michael Monovoukas, CEO and co-founder of AcuityMD. “With this additional capital, we aim to launch three new products to general availability, expand our pipeline management solution to more customers, and grow our engineering and product teams by 70% by the end of 2024 to support our mission of accelerating the adoption of cutting-edge medical technology.”
 
AcuityMD has experienced rapid growth since its inception in 2019 and now supports over 200 medtech manufacturers with its commercial intelligence platform. 
 
AcuityMD’s commercial platform translates large volumes of healthcare data into intuitive workflows and recommendations that align with the medtech industry’s unique commercial process. It has resulted in over 25% sales growth for sales reps and over $10 billion in opportunity pipeline created.
 
“AcuityMD is a market leader in commercial MedTech software with powerful data and prospecting insights that have elicited positive feedback from customers,” said Tengbo Li, Partner at ICONIQ Growth. “AcuityMD’s innovative platform is reminiscent of other transformative, vertical-specific platforms that we have supported. We believe that there are also exciting opportunities to extend into other product areas and expand the value proposition, and ultimately for MedTech companies to use AcuityMD as their complete commercial operating system.”
 
“I’m acutely aware of the unique challenges MedTech companies face when bringing products to market,” Hawkins said. “AcuityMD has built an industry-specific platform that alleviates common pain points to help bring new treatments to patients faster. I am thrilled to be partnering with AcuityMD as it enters its next phase of growth.”
 
Even in a cooling market, AcuityMD continues to grow. Series B deal sizes peaked in 2021 with $46 million, followed by a decline that hit its lowest point of $30 million average in Q4 2023. The average investment is increasing again, with an average of $38.9 million in January 2024.