New York City-based Medivo, a StartUp Health company that offers a physician and consumer-facing health monitoring platform, has raised $15 million in its second round funding, bringing the company's total funding to $22 million. The round was led by a new investor, the Merck Global Health Innovation Fund (GHI). Previous investors Safeguard Scientifics and MentorTech Ventures also contributed to the round.
GHI's portfolio includes a number of mobile health startups including HealthSense, Preventice, and Humedica. The fund also recently signed on to be an innovation partner at New Jersey health accelerator TigerLabs Health.
Medivo's business model revolves around giving patients easier access to their lab results and giving physicians access to an aggregated dashboard of patient labs and other data, as well as giving patients tools to monitor chronic conditions. Medivo CEO and co-founder Sundeep Bahn told MobiHealthNews that the company has seen rampant growth over the last few years, doubling its growth each year. He says that the company's value is in the data analytics it provides, which is one of several things the company hopes to improve with the new funding.
"We've got large clinical datasets and we can do really interesting stuff with that. Datasets in areas like diabetes," Bahn said. "We're only using 20 to 30 percent of the data we have. [The funding] will allow us to use more so we can just do more with that data."
The startup also plans to connect to more third party data sources and expand the networks of labs they're working with.
Bahn said Medivo's acquisition of WellApps last year continues to pay dividends, and will form part of the basis for a new consumer-facing product the company is planning to launch in the next few months.
"[WellApps has] become a core part of our mobile platform, especially on the consumer side," he said. "We've launched another half a dozen conditions, and we have another six to eight we'll be adding in over the next year. In the second half of this year, we're going to be launching a very exciting new offering for consumers directly that will make it very easy to access lab testing."
Bahn isn't saying much about the new product right now, but he claimed it would "revolutionize the way testing is done today."
In addition, Medivo will be using the funding to grow the company, hiring additional employees across a number of departments.
"We're at about 60 people, we're looking to hire another 30-plus people," he said. "Data analytics, data scientists, development, engineering, marketing -- across the board."
Bahn attributes his company's growth to a health infrastructure that's just now grown enough to support consumer innovation on top of it, much like Mint.com couldn't exist until a majority of consumers began to use online banking.
"A lot of the incentives that the government's provided have gone into really helping build the infrastructure on the physician side. With EHRs, the data is starting to form. Now that that's starting to happen in healthcare it's a really exciting opportunity for these next generation of companies to build on that data with additional services that help physicians and consumers."