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Medical device companies have brought us some of the most life-changing, innovative technologies in recent years—from novel diagnostics tests for COVID-19 and continuous glucose monitors toAI-enabled cardiac ultrasound software and much more. All the while, the actual technologies that MedTech companies utilize to market, sell, and distribute these novel solutions have remained outdated and without a purpose-built solution to handle the complexities of the industry. As a result, MedTech companies have struggled to accurately target and reach doctors in an efficient and effective manner. Equally, providers have faced barriers to learning about and identifying potentially life-saving new technologies. AcuityMD is building the OS for MedTech to solve these problems, and we at ICONIQ Growth are thrilled to be leading their Series B with the conviction that they can transform this industry.
Since we first met AcuityMD’s CEO and co-founder, Mike Monovoukas, over two years ago, it was evident that he and his team were building a generational company for a problem that was long overdue to be solved. Mike had previously experienced the MedTech commercial lifecycle firsthand as a previous MedTech founder trying to reach providers. In addition,Lee Smith, co-founder and VP of Customer Experience, had spent years working in larger MedTech organizations and seeing inefficiencies in the tech stack, and Robert Coe, co-founder and CTO, brought the technical expertise to bring this idea and functionalities to life as a SaaS platform.
AcuityMD started as a targeting tool for medical device reps, centralizing data across silos to enable MedTech companies to better identify, target, and prioritize their prospects. Purpose-built for this industry, the AcuityMD platform can handle the product, commercial, and inventory complexity that exists for many stakeholders in the commercial process across sales and marketing teams. It’s also built on a strong data foundation, combining raw medical claims, SKU-level invoice and sales data, product pricing, territory alignment, and other internal data to provideMedTech companies with increased transparency, dynamic insights, and personalized recommendations. Today, AcuityMD has five key modules:
- Markets: Assess size and segment markets
- Territories: Assign, manage, and compare territories
- Targeting: Find, qualify, and act on key opportunities
- Pipeline: Track progress on targets and improve projections
- Contracts: Maximize existing contracts and prioritize new contract opportunities
In talking with AcuityMD’s customers, we continually hear excitement about how AcuityMD solves a mission critical problem, the team’s exceptional pace of innovation and response to feedback, the clear and measurable ROI provided, and the depth of focus on reaching reps where they are with features such as mobile app and audio briefs that create significant efficiencies before, during, and after high-impact commercial meetings. The company has also embedded AI across the platform to automate processes, synthesize information, and surface insights.
It is clear to us why AcuityMD has a rapidly growing list of customers—we believe that this is truly an exceptional business that has the opportunity to become the commercial system of record forMedTech. Over the years, we have seen the AcuityMD team continuously execute on their product roadmap and earn more and more praise from their customer base of200+ innovators in MedTech.
At ICONIQ Growth, we are proud to be partnering with a number of vertical software, enterprise software, and healthcare IT companies accelerating critical diagnostic and therapeutic innovations—AcuityMD sits at the intersection of these all. Together with our friends at Benchmark, Redpoint, Ajax, StepStone, and Altreides, we are thrilled to partner with Mike, Robert, Lee, and the entireAcuityMD team as they usher the MedTech industry into the digital era.
Published:
June 4, 2024
