- Medical technology asset management company Medinas announced it raised $5 million in an oversubscribed seed funding round led by NFX
Medinas — a medical technology asset management company for hospitals — announced it has raised $5 million in an oversubscribed seed funding round led by NFX. And the additional investors in this round include Precursor Ventures, Sound Ventures, FJ Labs, and Bryan Frist.
Hospitals have been slow to adopt problem-solving technologies due to the cost of asset management. And many hospitals in the U.S. still utilize spreadsheets to manage their inventory of medical equipment — which often results in misplaced equipment and millions of wasted dollars.
There are over 6,200 hospitals, 9,200 ambulatory surgery centers, 7,000 imaging centers and 166,000 dental clinics in the U.S. alone. And Medinas is transforming healthcare IT by equipping hospitals with a cloud-based asset management platform that provides hospitals with software for tracking and organizing assets and enables them to redeploy, sell, or donate unneeded medical equipment with the click of a button.
“We’re the first to empower hospitals with modern software to manage their equipment inventory and remarketing programs,” said Medinas co-founder and CEO Chloe Alpert. “NFX has spent decades learning how market networks thrive. Their experience is going to help drive Medinas to national and international success.”
With this round of funding, Medinas will be expanding sales and hiring software development talent. And to further bolster hospitals’ asset management capabilities, Medinas is developing new software features focused on inventory management, equipment redeployment, and equipment maintenance management.
“This is a classic market network, we have hundreds of thousands of businesses exchanging billions of dollars of value offline. It’s currently time-consuming, repetitive, error-prone, wasteful and risky. Medinas solves this problem,” added James Currier, Managing Partner at NFX. “We have 15 years of learning how to empower people using software to make transactions just like this.”
Hospitals benefit from Medinas in three major ways: 1.) Values their existing capital equipment using the Medinas Price Book in order to make better utilization decisions 2.) Redeploy and track equipment to other hospitals and clinics within their system redeploy and track equipment to other hospitals and clinics within their system and 3.) quickly, safely, and easily resell/donate or recycle their used equipment thus helping them recover billions in value. Plus it gives smaller hospitals access to pre-owned equipment that they wouldn’t be able to afford otherwise.
“Streamlining equipment procurement and remarketing is top of mind for hospital boards,” explained Charles Hudson, Managing Partner at Precursor Ventures. “Hospital CFOs realize they’re wasting billions of dollars with their current processes. Medinas is finally bringing modern software to the table to solve this problem as many other industries have already experienced.”
