Michael Barbella, Managing Editor06.22.22
AcuityMD is $31 million richer these days, having secured Series A funding from Redpoint Venture Partners, Benchmark, Ajax Health, and Artisanal Ventures.
The company plans to use the funding to grow its engineering team from 15 to more than 40 over the next year. In addition, AcuityMD will also hire in sales and marketing personnel and build out these new functions to boost its growth.
Since announcing seed funding in May 2021, the company has experienced significant growth. Medtech companies have identified more than 40,000 new opportunities using AcuityMD software, which translates to over $2 billion, according to Co-Founder and CEO Michael Monovoukas. Numerous companies, including Anika Therapeutics, Cordis, and Olympus rely on AcuityMD to accelerate commercialization.
“We launched Tactoset in 2019, a key regenerative technology for Anika in a $100 million-plus addressable market," said Ben Joseph, vice president of Commercial and Corporate Development at Anika. "While we’ve been able to capture meaningful market share in a short period of time, we wanted to find a tool to help us further unlock the full commercial potential. What we needed was analytics, information, and procedural insights—AcuityMD was a game-changer. They provided us with a detailed and specific roadmap for prioritizing our selling efforts, including a plan targeting over 500 surgeons across various clinical call points, which resulted in a robust target pipeline. While we started using AcuityMD with one product line, we’ve now expanded our engagement to include our full joint preservation portfolio.”
The pace of innovation in medical technology is accelerating, but commercializing new products is not. Companies rely on spreadsheets, manual processes, and clunky legacy software to get products to customers. It’s no surprise that on average, a company spends as much as 40% of their potential revenue on selling their product after developing a new medical device.
AcuityMD turns vast amounts of healthcare data into simple software tools to accelerate the medical technology lifecycle. It accomplishes this through a suite of solutions tailored to medtech companies:
“The medical device industry is worth nearly half a trillion dollars, and yet somehow there is no intelligent, simple, and modern tool to handle go-to-market components of the business," said Logan Bartlett, managing director, Redpoint Ventures. "AcuityMD is tackling this massive piece of the healthcare industry with a new kind of software that is already helping leaders in the space streamline sales and grow their businesses, which is why we’re thrilled to invest in the groundbreaking business and team”
"This is just the beginning of our ambitious journey to accelerate access to cutting edge medical device technologies. Each year the FDA approves over 6,000 new devices, and we plan to remove the inherent challenges that come with bringing these life saving products to market," Monovoukas wrote in a blog post.
The company plans to use the funding to grow its engineering team from 15 to more than 40 over the next year. In addition, AcuityMD will also hire in sales and marketing personnel and build out these new functions to boost its growth.
Since announcing seed funding in May 2021, the company has experienced significant growth. Medtech companies have identified more than 40,000 new opportunities using AcuityMD software, which translates to over $2 billion, according to Co-Founder and CEO Michael Monovoukas. Numerous companies, including Anika Therapeutics, Cordis, and Olympus rely on AcuityMD to accelerate commercialization.
“We launched Tactoset in 2019, a key regenerative technology for Anika in a $100 million-plus addressable market," said Ben Joseph, vice president of Commercial and Corporate Development at Anika. "While we’ve been able to capture meaningful market share in a short period of time, we wanted to find a tool to help us further unlock the full commercial potential. What we needed was analytics, information, and procedural insights—AcuityMD was a game-changer. They provided us with a detailed and specific roadmap for prioritizing our selling efforts, including a plan targeting over 500 surgeons across various clinical call points, which resulted in a robust target pipeline. While we started using AcuityMD with one product line, we’ve now expanded our engagement to include our full joint preservation portfolio.”
The pace of innovation in medical technology is accelerating, but commercializing new products is not. Companies rely on spreadsheets, manual processes, and clunky legacy software to get products to customers. It’s no surprise that on average, a company spends as much as 40% of their potential revenue on selling their product after developing a new medical device.
AcuityMD turns vast amounts of healthcare data into simple software tools to accelerate the medical technology lifecycle. It accomplishes this through a suite of solutions tailored to medtech companies:
- Targeting platform to identify, prioritize, and train the most relevant doctors for each medtech innovation.
- Forecasting and territory management modules to quantify and execute on opportunities to expand sales.
- Data platform that integrates siloed sources to track product adoption and predict future demand.
“The medical device industry is worth nearly half a trillion dollars, and yet somehow there is no intelligent, simple, and modern tool to handle go-to-market components of the business," said Logan Bartlett, managing director, Redpoint Ventures. "AcuityMD is tackling this massive piece of the healthcare industry with a new kind of software that is already helping leaders in the space streamline sales and grow their businesses, which is why we’re thrilled to invest in the groundbreaking business and team”
"This is just the beginning of our ambitious journey to accelerate access to cutting edge medical device technologies. Each year the FDA approves over 6,000 new devices, and we plan to remove the inherent challenges that come with bringing these life saving products to market," Monovoukas wrote in a blog post.