AcuityMD Secures $45M Series B Funding to Enhance MedTech Commercial Intelligence Platform

AcuityMD has secured $45 million in Series B funding led by ICONIQ Growth, with participation from Atreides Management, Stepstone Group, and existing investors Redpoint Ventures, Benchmark Capital, and Artisanal Ventures. This funding aims to expand AcuityMD’s commercial intelligence platform and accelerate the adoption of advanced medical technology. Since its 2019 inception, AcuityMD has raised over $83 million and achieved a tenfold increase in annual recurring revenue since its Series A funding in 2022. The platform now supports over 200 MedTech manufacturers, including six of the top ten in the industry. It converts extensive healthcare data—such as physician procedural volumes, product preferences, care site affiliations, peer networks, and referral patterns—into actionable insights, leading to a 25% increase in sales for top reps and generating over $10 billion in potential sales opportunities.

Tengbo Li, Partner at ICONIQ Growth, remarked, “AcuityMD is a market leader in commercial MedTech software, offering powerful data and prospecting insights that have garnered positive feedback from customers. Their platform is comparable to other transformative, vertical-specific platforms we’ve supported. We see exciting opportunities to expand into new product areas and enhance the value proposition, enabling MedTech companies to use AcuityMD as a comprehensive commercial operating system.” This endorsement highlights the platform’s potential to streamline commercial processes and enhance the adoption of new medical technologies, which is crucial for improving patient outcomes.

Michael Monovoukas, CEO and co-founder of AcuityMD, expressed gratitude for the support from investors, including former MedTech CEOs like Bill Hawkins, ex-CEO of Medtronic. Monovoukas stated, “With this additional capital, we plan to launch three new products, expand our pipeline management solutions, and grow our engineering and product teams by 70% by the end of 2024. This will support our mission to accelerate the adoption of cutting-edge medical technology.” Hawkins added, “AcuityMD’s platform addresses common MedTech challenges, helping bring new treatments to patients faster. I am thrilled to partner with AcuityMD as it enters its next growth phase.” This strategic backing ensures that AcuityMD is well-positioned to drive significant advancements in the MedTech field, ultimately improving patient care through rapid technology adoption.

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