Today we’re excited to share that AcuityMD has raised $31M in Series A funding led by Redpoint Venture Partners, with support from Benchmark, the leader of our seed round, as well as Ajax Health and Artisanal Ventures.
Since announcing our seed in May of 2021, we’ve seen exciting growth: medtech companies have identified over 40,000 new opportunities using our software, which translates to over $2 billion in new annual pipeline. Leaders including Anika Therapeutics, Cordis, and Olympus rely on us to accelerate commercialization.
“We launched Tactoset in 2019, a key regenerative technology for Anika in a $100m+ addressable market. 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.” - Ben Joseph, VP of Commercial and Corporate Development, Anika
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. We do 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 a half a trillion dollars, and yet somehow there is no intelligent, simple, and modern tool to handle go-to-market components of the business. 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” - Logan Bartlett, Managing Director, Redpoint Ventures.
With our new funding, we plan to double down on R&D by growing our engineering team from 15 to over 40 over the next year. We’ll also make our first go-to-market hires in sales and marketing and build out these new functions to supercharge our growth.
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.
If you’re interested in learning more or want to get in touch, reach out at [email protected].