Health tech company My One Medical Source has closed a $1.1 million seed investment round led by JumpStart Ventures in Cleveland.
The Westlake, Ohio-based company's platform-as-a-service connects advanced diagnostic and specialty clinical labs with medically-trained personnel who perform, prepare and ship specimen collections.
Growing availability of direct-to-consumer testing has fueled the need for advanced testing options for more than 13 billion tests performed in the United States each year, My One Medical Source (MOMS) said in a statement.
Yet access to the skilled labor needed to collect specimens is limited to the largest clinical labs that can afford to collect their own test specimens, MOMS said.
The MOMS platform also answers a laboratory's need to avoid illegal kickbacks — hidden financial arrangements between doctors and health care providers or companies — while also increasing its efficiency by connecting it with a nationwide labor force, the company said.
My One Medical Source plans to use its new capital to accelerate its customer service, sales and marketing activities as the company grows its national collection network and client base, it said.
Through its nationwide network of medical access points, MOMS makes it easier for patients to get access to innovative diagnostic tests, said Hardik Desai, managing partner at JumpStart Ventures, in the company's statement.
Cleveland venture developer JumpStart Inc. launched its ventures division last month to lead Northeast Ohio's efforts to attract and raise more venture capital dollars.
It appears the investment in My One Medical Source, founded in 2018 by Brad Seybert, is the first for JumpStart's reorganized venture operations. Seybert is president of Seybert Advisory Group LLC, according to MOMS' website.
"Brad's knowledge of the industry and his passion for solving this critical problem were the driving forces behind our investment in the company," Desai said.
Other investors in the funding round came from the Northeast Ohio private sector and were not named in MOMS' statement.
