Redpoint Ventures
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Redpoint Ventures

Fresh Ink: Welcoming AcuityMD — the next generation of medical technology software

The Ink: AcuityMD’s $31M Series A funding

Founders: Mike Monovoukas, Robert Coe, and Lee Smith

Investors: Logan Bartlett, Jacob Effron, and Adele Li

The Pain Point: With the rapid pace of medical technology development, doctors find it challenging to stay up-to-date on the latest products from surgical equipment to diagnostics. The pace of medical technology innovation today requires more frequent and targeted interactions between medical technology companies and doctors. Yet commercial teams at medical device companies lack purpose-built tools to scope the latest trends in patient journeys and the providers that treat them. As B2B enterprise sales scale in sophistication, medical technology companies have been underserved by their software. Often sales teams’ day-to-day workflows are missing crucial data on doctors' patients, practices, and prior interactions which would enable targeted outreach. This has been particularly problematic as sales teams continue to face limitations on in-person access to doctors.

Developing The Solution: AcuityMD accelerates access to medical technology; their tools help sales reps find the right doctors for their products and have better conversations with them. They are the first company that gathers relevant usage, population, and background data, normalizes it, and incorporates this data into easy-to-use, actionable workflow tools — allowing any user to generate insights. This is all powered by their proprietary data model. Sales reps, sales leaders, and product managers use AcuityMD to better prioritize their pipelines, get deep context on doctors, increase pipeline and sales and decrease rep onboarding time.

A Stand-Up Moment: Even as healthcare data has become more ubiquitous, it is still too often not usable. Existing medical device datasets are still stored in static Excel files which require extensive cleaning and analytics to be digestible. It’s no surprise that sales reps rarely use these solutions. AcuityMD’s co-founders Mike Monovoukas, Robert Coe and Lee Smith deeply understand these sales reps’ challenges and have built tailored workflows that reps actually use. Customer feedback on AcuityMD ranks among the best we’ve ever heard on a software product; one Sales Director told us his team “would go to battle if they lost access to Acuity.” The product also has clear viral momentum — we heard multiple examples of new customers being acquired because a rep at one company recommended the product to a rep at another underscoring the clear market need.

Investor Input: Mike, Robert, and Lee are the perfect team to tackle the space given their deep knowledge of the Medical Device industry and software experience. Mike saw the problem with medical device data and workflow tools firsthand as a consultant and medtech founder, Lee lived the experiences of AcuityMD’s customers in medical device sales and Robert brings a phenomenal SaaS background to the problem.

At Redpoint, we’ve been fortunate to partner with market-leading SaaS and data companies like Snowflake, Twilio, and Zendesk and innovative health-tech solutions like Cityblock Health, Garner Health, and Strive Health. AcuityMD sits perfectly at the intersection — marrying best-in-class workflow and data processing with a product tailor-built for healthcare’s specific needs. The AcuityMD team is moving the needle for medical device companies with their initial product and we’re excited about the future ways in which they will help these companies, providers, and patients.

We’re thrilled to be partnering with Mike, Robert, Lee, and the AcuityMD team alongside our friends at Benchmark, Ajax Health, and Artisinal Ventures on this important mission as they become the connective tissue bringing together market and product information and a team’s own data to gain unparalleled visibility into the market.

If you’re equally excited about helping accelerate access to medical technologies, take a look at open roles on the AcuityMD team here.

More from TechCrunch here!

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Redpoint Ventures

Redpoint Ventures

Redpoint partners with visionary founders to create new markets or redefine existing ones at the seed, early and growth stages.