A Buffalo-based startup just inked a partnership with a major corporation in its industry.
Ognomy, founded by sleep medicine specialist Dr. Daniel Rifkin, has received a seed investment from publicly traded Inspire Medical Systems, a medical technology company aimed at sleep apnea solutions.
A web-based system for diagnosing and treating sleep apnea, Ognomy is in the midst of a national expansion after raising a seed round last year.
The new investment from Minneapolis-based Inspire will support the development of Ognomy's platform and initiate a pilot that will support its integration with Inspire's Advisor Care Program this May.
"Inspire is a huge player in the sleep space, and this is a big win for Ognomy," Rifkin said. "They see our vision for patient-focused quality of care and they want to help us get to the next level."
Inspire did not divulge details of the investment, and Rifkin declined to share them.
"We need innovative solutions to help patients quickly, conveniently and accurately assess the severity of their OSA and subsequently connect appropriate patients with a qualified health care provider to consider treatment options, including Inspire therapy," Inspire CEO Tim Herbert said. Investments will allow Ognomy and another startup "to more rapidly grow their respective businesses, which will benefit Inspire’s ability to more broadly leverage their technologies."
Rifkin said Ognomy is up to 11 employees and expects to be in all 50 states by the end of the second quarter. The company has been managing its growth to make sure it is a meaningful partner for patients and physicians, but it is now building out its team to support a faster scale.
"We're expanding quickly but we have been managing our growth," Rifkin said. "We still have a lot to learn as we get ready to scale."
Ognomy is the 11th local startup to confirm a growth-oriented capital raise this year. The others are Circuit Clinical ($29 million), PostProcess Technologies ($5 million), VeriTX ($4.5 million), HELIXintel ($3 million), ShearShare ($2.3 million), Patient Pattern ($2 million), BetterMynd ($1 million), Cahill Tech ($375,000), AireXpert ($125,000) and Arbol ($110,000).
