AcuityMD co-founder and CEO Michael Monovoukas [Photo courtesy of AcuityMD]
AcuityMD said today it has raised $31 million in Series A funding for its medical device commercialization platform.
“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,” AcuityMD co-founder and CEO Michael Monovoukas said in a blog post. “We’ll also make our first go-to-market hires in sales and marketing and build out these new functions to supercharge our growth.”
Monovoukas said his company’s customers — which include Anika Therapeutics, ConMed, Cordis, and Olympus — “have identified over 40,000 new opportunities using our software, which translates to over $2 billion in new annual pipeline.”
AcuityMD’s web-based software and data platform integrates proprietary market data with a customer’s sales records to identify new opportunities and track product users.
Anika VP of Commercial and Corporate Development Ben Joseph explained how it worked for his company.
“We launched Tactoset in 2019, a key regenerative technology for Anika in a $100 million-plus addressable market,” Joseph said in the AcuityMD blog post. “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.”
Redpoint Venture Partners led the funding round, joined by Benchmark (which led AcuityMD’s 2021 seed round), Ajax Health and Artisanal Ventures.
“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,” Redpoint Ventures Managing Director Logan Bartlett said in the blog post. “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.”