SeamlessMD Raises $4M Series A Financing Round to Expand Digital Patient Engagement Leadership
Leader in Digital Patient Engagement to Meet Increased Demand from Health Systems Driven by COVID-19 Pandemic.
Toronto, ON, August 26, 2020 – SeamlessMD, the leading digital patient engagement platform, today announced a $4 million Series A financing round led by MEDTEQ+, bringing the company’s total funding to $7.4 million. Hikma Ventures, Anges Québec, AIoT Health and health IT entrepreneur Sanjay Malaviya also participated in the oversubscribed round. As part of this round, Robert Ritlop (MEDTEQ+) and Sanjay Malaviya will be joining Andrea Matheson (who led the company’s first investment round) on SeamlessMD’s board of directors.
SeamlessMD is used by Sunnybrook, Trillium, Rush University Medical Center and dozens of other leading health systems to engage, monitor and stay connected with patients throughout a variety of healthcare journeys, including surgery, oncology and chronic care. Patients can access digital care plans on their smartphones, tablets or computers and be guided via reminders, interactive education and progress tracking. Providers receive alerts, monitor patients remotely and access analytics to deliver better care.
“COVID-19 has accelerated the need for health systems to deliver digital care at scale. Since the pandemic started, we have been rapidly assisting health systems adapt to the pandemic, including new solutions for COVID-19 digital screening, patient education, and digital pre-surgery monitoring to safely resume surgery,” said Dr. Joshua Liu, MD, Co-Founder & CEO of SeamlessMD. “This investment enables us to meet growing customer demand, expand our library of digital care plans and further develop our machine learning platform for risk prediction and optimizing patient outcomes. We are ecstatic to be supported by forward thinking, strategic healthcare investors who share our belief that the future of healthcare is digital.”
SeamlessMD’s financing follows a period of establishing category leadership, having become the first digital patient engagement platform to hold validated, turn-key integrations with Epic and Cerner via SMART on FHIR—the latest interoperability standard. SeamlessMD also remains the industry leader in clinical validation, with over 15 clinical studies across numerous specialties demonstrating significant results, including: cost reductions of $1,000-$2,000 per patient; reductions in hospital length of stay by 1-2 days; and reductions in hospital readmissions by 45%-72%.
SeamlessMD was also recently selected to lead a federally-funded, Digital Technology Supercluster initiative for hospitals to leverage surgical patient monitoring & Machine Learning to deliver safer surgery during COVID-19.
“During the COVID-19 pandemic, SeamlessMD has proven itself to be a terrific partner for health systems to engage patients remotely at scale, resulting in less patient anxiety, fewer in-person visits and improved patient outcomes. We are excited to partner with SeamlessMD to make digital the new standard for patient care,” said Robert Ritlop, Director of Investments at MEDTEQ+.
“Over the past year, it’s become clear to me that digital patient engagement is the future of healthcare delivery. I am thrilled to partner with SeamlessMD and contribute to guiding the company through its next phase of growth,” said Sanjay Malaviya, founder & former CEO of patient safety software company RL Solutions.
“We have been incredibly impressed by SeamlessMD’s vision, category-leading clinical evidence, and best-in-class technology platform, and are excited to add them to the diverse portfolio of companies we have invested in that are utilizing digital health technology to improve outcomes for patients,” said Hamzeh Abdul-Hadi, Principal at Hikma Ventures. “SeamlessMD has developed a proven model for health systems to improve patient outcomes at scale, and we are thrilled to support SeamlessMD in advancing their mission and expanding into new markets where Hikma operates to improve the quality of care.”
Dr. Jehangir Appoo, Managing Partner at AIoT Health adds, “Digital Patient Engagement is a wonderful tool to drive improved healthcare outcomes. The beauty of patient engagement tools is two-fold: Firstly, it empowers patients and helps bring healthcare into the digital age. Secondly, by increasing patient adherence, patient engagement tools are able to drastically improve outcomes without requiring a new expensive gadget to be invented.”
SeamlessMD provides the #1 digital patient engagement platform used by health systems to elevate the patient experience, improve outcomes and lower costs. Patients access digital care plans on their smartphones, tablets or computers and are guided through their health conditions or treatments via reminders, education and progress tracking. Providers receive alerts, monitor patients and access analytics to deliver better care. SeamlessMD is directly integrated with Epic and Cerner. Health systems such as Stanford Health Care, Rush University Medical Center and UAB Health System use SeamlessMD to improve patient satisfaction while reducing hospital length of stay, readmissions, and costs.
For more information and to see SeamlessMD in action, please visit: www.seamless.md.
MEDTEQ+ (www.medteq.ca) is the pan-Canadian Consortium for Industrial Research and Innovation in Medical Technology. Its mission is to accelerate the development of innovative technological solutions to improve patients’ health and quality of life. MEDTEQ+ supports their validation and integration in the healthcare system and their impact, both locally and globally, by bringing together the complementary skills of industrial and academic partners, and with those of healthcare providers. MEDTEQ+ relies on the financial support of the Government of Quebec, the Government of Canada (delivered through the Centres of Excellence for Commercialization and Research (CECR)), the private sector and complementary partners to foster research-industry relations.
About Hikma Ventures
Founded in August 2015, Hikma Ventures operates as the corporate venture capital arm of Hikma Pharmaceuticals. Hikma Ventures invests in global start-ups where Hikma’s expertise can accelerate revenue growth and enhance value creation by providing ventures with access to the resources of a multinational pharmaceutical company. For more information, please visit www.hikmaventures.com.
About Anges Québec
Anges Québec is a network of 250+ angel investors who invest time and capital in innovative Quebec companies with high growth potential. The members of the Anges Québec network have, to date, invested more than $100 million in the Québec economy, with more than 265 investments in more than 137 innovative companies. For more information, please visit www.angesquebec.com
About AIoT Health
AIoT Health is a North American syndicate fund at the intersection of Venture Capital, Medicine & Impact. AIoTHealth invests in early-stage companies applying exponential technologies to improve healthcare quality by driving Personalized Medicine. AIoT Health is backed by a powerful network of expert physicians who excel at matching the algorithm with the right clinical problem and business leaders who can help companies scale.