AcuityMD announced $45 million in new funding to expand its commercial intelligence platform and advance the company’s mission of accelerating the adoption of medical technology (MedTech). The Series B round was led by ICONIQ Growth, with additional participation from Atreides Management and Stepstone Group and existing investors Redpoint Ventures, Benchmark Capital, and Artisanal Ventures.
So far, AcuityMD has raised more than $83 million and achieved a significant 10 times increase in annual recurring revenue since its 2022 Series A raise.
AcuityMD’s commercial platform compiles large volumes of healthcare data like physician procedural volumes, product preferences, sites of care affiliations, peer networks, and referral patterns into intuitive workflows and recommendations. This resulted in over 25% sales growth for top active sales reps and over $10 billion in opportunity pipeline created.
KEY QUOTES:
“AcuityMD is a market leader in commercial MedTech software with powerful data and prospecting insights that have elicited positive feedback from customers. AcuityMD’s innovative platform is reminiscent of other transformative, vertical-specific platforms that we have supported. We believe that there are also exciting opportunities to extend into other product areas and expand the value proposition, and ultimately for MedTech companies to use AcuityMD as their complete commercial operating system.”
- Tengbo Li, Partner at ICONIQ Growth
“I’m acutely aware of the unique challenges MedTech companies face when bringing products to market. AcuityMD has built an industry-specific platform that alleviates common pain points to help bring new treatments to patients faster. I am thrilled to be partnering with AcuityMD as it enters its next phase of growth.”
- AcuityMD investor and former Medtronic CEO Bill Hawkins
“We are fortunate to work with fantastic financial partners as well as experienced MedTech industry executives who broaden the perspective of our Customer Advisory Board. With this additional capital, we aim to launch three new products to general availability, expand our pipeline management solution to more customers, and grow our engineering and product teams by 70% by the end of 2024 to support our mission of accelerating the adoption of cutting-edge medical technology.”
- Michael Monovoukas, CEO and co-founder of AcuityMD
