Massachusetts-based MedTech Company AcuityMD has raised $45 million in a Series B funding round led by ICONIQ Growth, a San Francisco-based venture capital firm seeking to invest in innovative companies operating in healthcare, IT, consumer products, and other sectors.
According to the company’s announcement on June 5, 2024, it will utilize the latest capital infusion to expand its commercial intelligence platform and advance its mission of accelerating advanced medical technology adoption.
The funding round also included contributions from Boston-based Atreides Managemen, New York-based Stepstone Group, and existing investors, Benchmark Capital, Redpoint Ventures, and Artisanal Ventures.
AcuityMD’s series B funding round comes more than two years after the company raised $31 million in a series A round led by Redpoint in June 2022. To date, the health startup has received more than $83 million in investments and expanded its annual recurring revenue more than ten-fold since its 2022 fundraiser.
AcuityMD is a market leader in commercial medical technology (MedTech) software. Its industry-specific platform leverages big data and prospecting insights to transform the healthcare sector by alleviating common product distribution challenges and helping advance new treatments to patients faster.
The company’s commercial platform transforms large volumes of critical healthcare data, including product preferences, physician procedural volumes, peer networks, sites of care affiliations, and referral patterns, into recommendations and intuitive workflow that matches the medical technology (MedTech) industry’s distinct processes.
Notably, four of the company’s investors are MedTech executives who understand the unique challenges MedTech companies face from product development to launch into the market. According to Michael Monovoukas, CEO and co-founder of AcuityMD, the company’s collaboration with financial partners and experienced MedTech experts helps broaden the perspective of the company’s Customer Advisory Board.
Since it was co-founded in 2019 by Lee Smith, Michael Monovoukas, and Robert Coe, AcuityMD has experienced progressive growth even in the cooling market. The company’s commercial intelligence platform now supports over 200 medical technology (MedTech) manufacturers, six of which are among the top ten global MedTech companies.
