In the US, more than 6,000 new medical devices are approved and released by the FDA each year. As a surgeon, you may not want to be on top of this, but fear not, your helpful local medical device sales team is there to explain why you need (on average) 16 new toys every day. If it sounds frustrating as a salesperson, well, that’s what AcuityMD is here to solve; to find opportunities for your sales process.
Since announcing the seed-raise in May 2021, AcuityMD claims that medtech hardware companies have identified more than 40,000 new opportunities using their software, translating into more than $2 billion in leads added to the sales pipeline.
“We wanted these big things out of our healthcare system, like value-based healthcare or personalized medicine,” explains Mike Monovoukas, founder and CEO of AcuityMD. “Instead, we got 140 instruments in a surgical tray. There is so much product complexity in this space.”
It’s not immediately clear to me how creating a software platform that helps vendors sell more medical devices will help solve the problem of 140 instruments on a surgical tray, but maybe that’s just me.
The company has $31 million in Series A financing led by Redpoint Venture Partners, with support from Benchmark. The latter led AcuityMD’s $7 million seed round.
“We launched Tacto set in 2019, an important regenerative technology for Anika in an addressable market of more than $100 million. Although we were able to gain significant market share in a short 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,” said Ben Joseph, VP of Commercial and Corporate Development, Anika. “They provided us with a detailed and specific roadmap for prioritizing our sales efforts, including a plan targeting more than 500 surgeons across various clinical call points, resulting in a robust target pipeline. While we started using AcuityMD with one product line, we have now expanded our involvement to include our entire joint preservation portfolio.”
†[Our customers are] trying to sell and educate surgeons about which products to use in which environments. It’s kind of a hands-on sale with white gloves, and they’re very good at educating and training surgeons in the latest technologies for their procedures. That’s the salesperson’s job, and they should spend all their time helping out in the field, helping surgeons learn new technologies and train and familiarize them with how to use those new technologies. Instead, because of the current landscape of software systems that salespeople rely on, they spend their days in their offices logging notes into a CRM,” explains Monovoukas, highlighting the company’s value proposition. “We take precious time where a salesperson could instruct a surgeon on a new robot they can use.”
This company, Monovoukas, is scratching his head – he started his career as an entrepreneur in medical devices; his first introduction to entrepreneurship. He quickly learned how difficult it was to commercialize a new product in a highly regulated market.
“What if it were much easier to bring new technology and products to market? Can we unleash the power of innovation to help these smaller companies with really innovative technologies bring those products to market faster and faster and get feedback so they can innovate and keep producing?” asks Monovoukas, who is the first germ of the idea for AcuityMD. “What eventually happens is that the only way a small company has to get its products to market is to be acquired by a large established company. There’s a mismatch between innovation — which is very important to US healthcare and globally — medical technology, innovation, and how the products are actually commercialized. We are trying to make it a lot easier for those innovative technologies to get to the market faster.”
“The medical device industry is worth nearly half a trillion dollars, yet somehow there is no intelligent, simple, and modern tool to handle go-to-market components of the company,” explains Logan Bartlett. , general manager of Redpoint Ventures. how AcuityMD was successful in raising its $31 million Series A. “AcuityMD is tackling this huge chunk of healthcare with a new breed of software that is already helping aerospace leaders streamline sales and grow their business. investing in the pioneering company and team.”
