A 2023 Triad Inno Fire honoree has closed its first round of funding at $1.1 million ahead of going live with another large client.
Winston-Salem’s mPATH raised $706,000 in angel investments and a $400,000 National Cancer Institute Small Business Technology Transfer grant, the company announced yesterday.
Dr. Dave Miller, founder and CEO, told TBJ that mPATH’s platform will also be going live next week with FirstHealth of the Carolinas, a health system out of Pinehurst. Atrium Health Wake Forest Baptist, UNC Health and CHESS Health Solutions are already users of mPATH’s technology.
Founded in 2021 by two physicians with the Wake Forest University School of Medicine, mPATH’s software platform automatically alerts patients through text messages and patient portals that they are eligible for a health screening.
mPATH’s technology was created with over $6 million in funding from the National Cancer Institute and a decade of research. Currently used for colorectal and lung cancer screenings, the platform is also designed to educate patients about the benefits of screenings and risks of the diseases.
“The funding will help mPATH reach more patients and save more lives,” Miller said, adding that the company’s goal for 2024 is to add more health care partners such as health systems, accountable care organizations and federally qualified health systems.
GO DEEPER: how mPATH doubles colon cancer screenings
Miller told TBJ that mPATH will use the funding for marketing, onboarding new healthcare clients and designing new modules for other health screenings. The company has used the funding to hire a head of commercial development, bringing its employee total to four among several part-time and contract employees.
The funding from the National Cancer Institute is being used to transfer the colorectal modules from software strictly used on an iPad to software that can be deployed in the cloud, Miller added.
Miller added that mPATH has already begun work on a breast cancer screening module, as the startup's customers have identified a strong need for breast cancer screenings.
The Winston-Salem Partners Roundtable (WSPR) fund led the investment round and other investors include Atlanta Technology Angels, FCP Ventures, First Launch Capital, TRP Angel Fund and VentureSouth.
“Few companies combine the entrepreneurial talent, medical knowledge and behavioral health expertise like mPATH,” said Paul Clark, managing director of VentureSouth.
