AcuityMD has raised $80 million to prepare to help medical technology companies accelerate product adoption across medical settings and geographic markets.
The Boston-based company’s Series C funding round was led by existing investor StepStone Group. VC firms Benchmark, Redpoint Ventures, ICONIQ, and Atreides Management also participated.
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AcuityMD’s platform, used by 16 of the top 20 medical technology companies, identifies metrics such as physicians, facilities, networks, procedures, and reimbursement trends. By aggregating this data with a medtech company’s internal data such as contract information, product labeling, geographic structure, and CRM activity, companies can better predict commercial execution and reach the right end market for their products.
With the new funding, which brings AcuityMD’s total funding to date to more than $160 million, the company plans to enhance its existing platform with artificial intelligence (AI) with the launch of AcuityAI. According to AcuityMD, the overall purpose of its AI platform is to make more streamlined insights available to salespeople at medical technology companies.
In addition to advancing its AI capabilities, AcuityMD plans to use the funding to deepen its medical technology ontology of IT data models and expand the platform beyond commercial purposes with the aim of accelerating adoption across the product lifecycle.
AcuityMD CEO Mike Monovoukas commented, “AI is transforming health technology, but it requires the right context, deeply embedded in the workflows in which decisions are made. AcuityMD is that context layer, serving those in the field, the commercial leaders planning the region, and the teams launching the next generation of innovation.”
AI is having a considerable impact on efficiency in the broader healthcare sector. According to a GlobalData report, the combined AI market across healthcare will be valued at $11.9 billion in 2024 and is expected to reach $57.4 billion in 2029.
AI has emerged as a component of the UK Labor Government’s 10-year plan to reform the National Health Service (NHS). Meanwhile, Boehringer Ingelheim on April 20 opened an AI and machine learning (ML) innovation center in King’s Cross, London, with the aim of leveraging technology to advance drug discovery and research and improve patient outcomes.
