Within the U.S., greater than 6,000 new medical gadgets are authorized by the FDA and launched yearly. As a surgeon, you could not need to keep on prime of this, however worry ye not, your useful neighborhood medical gear gross sales group is there to assist clarify why you want (on common) 16 new toys each day. If it sounds irritating as a salesman, nicely, that’s what AcuityMD is right here to resolve; to search out alternatives in your gross sales course of.
Since saying its seed elevate in Could of 2021, AcuityMD claims that medtech {hardware} corporations have recognized greater than 40,000 new alternatives utilizing its software program, which interprets to over $2 billion value of leads added to the gross sales pipeline.
“We needed these large issues out of our healthcare system, like value-based healthcare or customized medication,” explains AcuityMD’s founder and CEO Mike Monovoukas. “As a substitute we received 140 devices in a surgical tray. That’s how a lot product complexity there’s on this house.”
It isn’t instantly clear to me how making a software program platform that helps gross sales reps make extra medical gadget gross sales helps the issue of 140 devices on a surgical tray, however maybe that’s simply me.
The corporate raised $31 million in Collection A funding led by Redpoint Enterprise Companions, with assist from Benchmark. The latter led AcuityMD’s $7 million seed round.
“We launched Tactoset in 2019, a key regenerative expertise for Anika in a $100 million+ addressable market. Whereas we’ve been in a position to seize significant market share in a brief time period, we needed to discover a instrument to assist us additional unlock the total business potential. What we would have liked was analytics, info and procedural insights — AcuityMD was a recreation changer,” says Ben Joseph, VP of Industrial and Company Improvement, Anika. “They supplied us with an in depth and particular roadmap for prioritizing our promoting efforts, together with a plan concentrating on over 500 surgeons throughout varied medical name factors, which resulted in a strong goal pipeline. Whereas we began utilizing AcuityMD with one product line, we’ve now expanded our engagement to incorporate our full joint preservation portfolio.”
“[Our customers are] attempting to promote and educate surgeons about which merchandise to make use of wherein settings. It’s a very white-glove kind of hands-on sale, they usually’re actually good at educating and coaching surgeons on the newest applied sciences for his or her procedures. That’s the salesperson’s job, and they need to be spending all their time serving to within the subject, serving to surgeons find out about new applied sciences and get them educated and comfy utilizing these new applied sciences. As a substitute, due to the present panorama of software program methods that the gross sales reps depend on, they spend their days of their workplace logging notes right into a CRM,” explains Monovoukas, highlighting the corporate’s worth proposition. “We’re taking precious time the place a gross sales rep could possibly be educating a surgeon a couple of new robotic that they’ll use.”
With this firm, Monovoukas, is scratching his personal itch — he began his profession as a medical gadget entrepreneur; his first foray into entrepreneurship. He realized shortly how arduous it was to commercialize a brand new product in a extremely regulated market.
“What if it was a lot simpler to get new expertise and merchandise out to market? Might we unleash the ability of innovation to assist these smaller corporations which have actually revolutionary applied sciences get these merchandise out to market faster, quicker and get suggestions, to allow them to innovate and proceed to provide?,” asks Monovoukas, describing the preliminary germ of the thought for AcuityMD. “As a substitute, what finally ends up taking place is the one path {that a} small firm has to get their merchandise to market is to go and get acquired by an enormous incumbent enterprise. There’s a disconnect between innovation — which is admittedly essential for the U.S. healthcare house and globally — medical expertise, innovation and the way the merchandise are literally commercialized. We’re attempting to make it quite a bit simpler for these revolutionary applied sciences to get out to market quicker.”
“The medical gadget business is value almost a half a trillion {dollars}, and but one way or the other there is no such thing as a clever, easy and fashionable instrument to deal with go-to-market elements of the enterprise,” explains Logan Bartlett, managing director, Redpoint Ventures, highlighting how AcuityMD was profitable in elevating its $31 million Collection A. “AcuityMD is tackling this large piece of the healthcare business with a brand new sort of software program that’s already serving to leaders within the house streamline gross sales and develop their companies, which is why we’re thrilled to put money into the groundbreaking enterprise and group.”
