NEW YORK — Medical imaging technology company Medmo has raised a $9 million funding round led by Lerer Hippeau, alongside existing investors Jerusalem Venture Partners (JVP), C2 Ventures and Stone IsraVentures. Several angel investors also participated, including Elliot Cohen, founder of PillPack (acquired by Amazon), and Klara (acquired by ModMed) Co-founders Simon Bolz and Dr. Simon Lorenz. The additional financing will be used to further accelerate the company’s rapid expansion and platform development.
Medical imaging is a fundamental piece of healthcare, from preventative care to diagnosis to treatment. Yet, the way the market operates is archaic, expensive and difficult to navigate for both patients and providers. As a result, up to 40 percent of imaging orders are delayed or never completed, leading to worsened patient outcomes, lower quality scores for providers and missed appointments for imaging centers. Medmo empowers all parties to regain control of the care journey by facilitating the seamless scheduling of imaging exams including MRIs, CTs, Mammograms, Ultrasounds, and X-Rays.
“Medical imaging is especially challenging to coordinate and contains additional layers of complexity for both patients and providers. Providers often lose visibility once a patient leaves the office, while their staff spend time tracking down critical information by phone and fax,” said Lucas Takahashi, co-founder and CEO of Medmo. “Our platform facilitates the process from start to finish, allowing providers to track patient journeys and close the loop on care. This leads to better patient outcomes and less administrative burden on staff.”
Medmo runs seamlessly within existing healthcare systems’ workflows, demonstrating “real world” effectiveness across various healthcare settings. It consistently drives better patient outcomes, closes gaps in care, and reduces overall healthcare costs. The company has expanded nationwide to support a wide variety of clients, ranging from traditional primary care groups to large multi-specialty health systems to virtual health groups.
“Investor capital in healthcare has often focused on high-tech solutions to improve diagnostic assessments, but that approach ignores a crucial first step: connecting patients with accessible care,” said Isabelle Phelps, Partner at Lerer Hippeau. “Medmo removes the cost and logistical barriers to diagnostics, improving imaging order completion rates and subsequent quality of care.”
“We’ve continued our commitment to Medmo as we believe the company is strongly positioned to take advantage of its growth in the imaging market,” said Gadi Porat, General Partner of JVP. “Medmo has not only demonstrated the ability to drive efficiency in the market, but they have clearly improved patient healthcare at scale. We are sure the unique platform will continue expanding into new and exciting radiology solutions for both patients and healthcare providers.”
