ImageMoverMD, a Madison-based startup making software for the healthcare industry, just announced it has closed a new round of funding.
The startup announced Monday that it has raised $4 million in a round led by Bain Capital Ventures, Cultivation Capital and Health X Ventures. Colle Capital and Wisconsin Investment Partners, which mainly focuses on investing in biomedical, healthcare and IT startups in Wisconsin, also participated.
The new funding brings ImageMoverMD’s total funding to about $8.6 million, according to Crunchbase.
Founded in 2014, ImageMoverMD makes software for the medical imaging industry that allows physicians to streamline their workflow by integrating enterprise imaging and electronic health record (EHR) systems. By automating the process of managing and storing images from within EHRs, the software makes the files more secure and improves the patient experience, while saving physicians time.
"The amount of frustration and wasted time that dealing with medical images on CDs is still causing patients and providers in 2019 is crazy," said ImageMoverMD’s CEO Darcey Nett in a statement.
The startup, which was also named one of Wisconsin Inno’s 19 Startups to Watch in 2019, says it will use the financing to add new features to its platform to attract more customers. Currently, ImageMoverMD’s software is used by major healthcare systems like UC San Diego Health, Catholic Health Services of Long Island and Cincinnati Children's Hospital.
"From day one, the providers at Cincinnati Children's told me they never want to go back to life without ImageMover because it makes their job easier and their clinics run more efficiently," said Alexander Towbin, the associate chief of clinical operations and radiology informatics at Cincinnati Children's Hospital, in a statement. "ImageMover's implementation process and integration with our EHR has been easy and seamless.”
ImageMoverMD’s investment comes as the healthcare technology sector in Madison and in greater Wisconsin has grown. A number of venture capitalists and tech leaders from around the state predicted that 2019 would be a year that Wisconsin healthcare startups would see more growth, especially because of its proximity to Verona-based healthcare software company Epic Systems.
"Having Epic systems located in the Madison community has certainly served as an anchor for health technology in Wisconsin," said Health X Ventures Managing Partner Mark Bakken in a statement. "Epic has served as a magnet for high quality talent and helps support a strong community around health technology innovation in the area."
