MedTech data platform AcuityMD raises $45 million

The company is now being deployed by six of the top 10 global MedTech companies

AcuityMD is a platform looking to close the gaps that currently exist when it comes to medical devices data, which is currently siloed, making it so that manufacturers lose visibility on the patient after they sell the device, providers have trouble keeping up with the increasing pace of innovation, and payers reimburse healthcare providers without knowing which products were used.  

The company aims to increase visibility by creating a data platform for the entire medical device lifecycle: from sale to surgery to patient outcomes. The goal is create better quality medical devices, and, in turn, more successful medical procedures, high recovery rates, and lower medical costs.

Now AcuityMD is looking to expand so it announced $45 million in new funding in a Series B round was led by ICONIQ Growth, with additional participation from Atreides Management and Stepstone Group as well as existing investors Redpoint Ventures, Benchmark Capital, and Artisanal Ventures.

This is the company's first funding since it raised a $31 million round in 2022, and this new round brings its total raised to more than $83 million.

By using AcuityMD, it customers, which are medical device manufacturers, including several Fortune 500 companies, get access to a curated platform of data based on their specific needs and industry. The company also provides a software platform and curated data to target new sales opportunities, identify existing product users, and over time, better understand the performance of their products in the market.

The company does this by pulling external data from public data, partnerships with proprietary data aggregators, Medicare claims through CMS research, and integrated with data generated from the manufacturers. 

The platform can be tailored to multiple verticals, including orthopedics, spine, biologics, surgical imaging, or endoscopy. For example, a company focused on orthopedics will have a platform with data about relevant orthopedic surgeons, hospitals, who is and isn’t using their devices, and medical claims data related to their use. The medical device company can use it to target relevant surgeons and hospitals that can benefit from their product, or may need to get updated information and training about the device they’re already using. 

Since its last fundraising, Acuity has achieved a 10x increase in annual recurring revenue.

Along with the funding, AcuityMD also announced that its platform is being leveraged by six of the top 10 global MedTech companies, including BD (Becton, Dickinson and Company), which expanded use of AcuityMD’s platform to two divisions and more than 300 users. In all, AcuityMD now supports more than 200 MedTech manufacturers.

“We are fortunate to work with fantastic financial partners as well as experienced MedTech industry executives who broaden the perspective of our Customer Advisory Board,” Michael Monovoukas, CEO and co-founder of AcuityMD, said in a statement.

“With this additional capital, we aim to launch three new products to general availability, expand our pipeline management solution to more customers, and grow our engineering and product teams by 70% by the end of 2024 to support our mission of accelerating the adoption of cutting-edge medical technology.”

(Image source: acuitymd.com)