AcuityMD Raises $45M Series B to Scale Its Medical Device Commercial Intelligence Platform After 10x ARR Growth

VCBeat learned that on June 4, 2024, AcuityMD, a developer of medical equipment lifecycle data platforms, announced it had secured $45 million in Series B financing to expand its business intelligence platform.

This round of financing was led by ICONIQ Growth, with participation from Atreides Management, Stepstone Group, and existing investors Redpoint Ventures, Benchmark Capital, and Artisanal Ventures.

Notably,All four of AcuityMD’s investors have served as CEOs of medical technology companies, including Bill Hawkins, former CEO of Medtronic.Hawkins stated, “I am acutely aware of the unique challenges medical technology companies face when bringing products to market. AcuityMD has built a unique platform tailored to this industry, alleviating common pain points in the medical device marketing process and helping patients access new therapies more quickly.”

AcuityMD, a medical technology company based in Boston, Massachusetts, USA, was founded in 2019. Its intelligent marketing platform for medical devices provides precise market data, enabling companies to avoid futile research and uncertain guesswork, and helping them accurately identify and focus on the commercial opportunities most likely to generate revenue. Currently, thousands of sales and marketing professionals use the platform to identify target markets and expand their sales operations. The platform has been proven to accelerate the onboarding of sales personnel by 6–8 weeks.

Medical device companies have traditionally relied on generic customer relationship management (CRM) software and data extraction to reach potential customers. AcuityMD, however, is tailored specifically for medical technology, addressing the unique commercial needs of this industry. It can process and analyze vast amounts of healthcare data, helping medical device companies expand their sales channels, more effectively engage potential customers, accelerate business activities, and improve sales success rates.

Traditional data providers can only offer a limited, static view of the market, whereas AcuityMD partners directly with the Centers for Medicare & Medicaid Services (CMS) and medical claims data aggregators to harmonize, clean, and extract core value from all-payer claims datasets covering more than 325 million patients.The platform continuously updates these data resources, along with data from dozens of other data partners, to ensure the relevance, timeliness, and accuracy of the information.

AAcuityMD features dynamic insights, empowering medical device companies to monitor market trends and opportunities in real time., freeing the commercial team from having to sift through static reports or spend hours searching for information,With AcuityMD, you can access a vast amount of information on medical products, surgical procedures, and disease diagnoses with just one click.

Throughout this process, the company’s accumulated industry-specific data models and business logic can help medical device companies better address key industry challenges, such as identifying target healthcare providers for product launches, assessing market penetration within specific healthcare institutions, and understanding which target healthcare providers are already familiar to product users.

The AcuityMD system automatically updates data, ensuring that the company’s team can rely on the most current and accurate market intelligence when making business decisions and conducting sales activities.The platform features robust data screening and filtering capabilities, enabling rapid identification of the physicians and healthcare institutions most valuable to medical device companies’ sales and marketing strategies, while providing real-time tracking of market dynamics.such as changes in physicians’ practice locations, adoption of new surgical procedures, or activities across different regions, thereby enabling the commercial team to seize market opportunities, respond swiftly to market dynamics and customer needs, and achieve sales targets.

By integrating AcuityMD into the company’s operational data, such as geographic allocation, product pricing, and historical sales records, medical device companies can more accurately identify underpenetrated customers, market gaps, and potential product expansion opportunities.With just one click, sales representatives can add new marketing opportunities to their target lists and track progress throughout the entire sales cycle.AcuityMD overlays intuitive workflows and a user-friendly interface on top of its robust data foundation, enabling sales teams to quickly identify the best marketing opportunities.

AcuityMD drives the medical device commercial flywheel through four core pillars: targeting, marketing, regions, and channels. It not only covers the entire spectrum of commercial activities for medical device companies but also helps them define growth objectives and priorities, measure and seize opportunities, and learn from outcomes, ultimately enabling the formulation of more effective commercial strategies.

In the "Positioning" Dimension, the AcuityMD platform enables users to view which providers are referring patients to target healthcare providers (HCPs) and to identify high-value HCPs relevant to users of medical device companies’ products.AcuityMD reveals these connections by analyzing network relationships among healthcare providers, such as co-authorship of papers and peer relationships during professional training or residency, enabling medical device companies to leverage these peer networks to expand their sales channels.

AcuityMD’s services help users identify underappreciated sales targets and market trends, ensuring that potential marketing growth opportunities are not overlooked. It rapidly tracks healthcare professionals’ (HCPs) movements, such as when they enter a new sales territory or begin providing care at a new practice setting, and uncovers cross-selling opportunities within the customer base by leveraging insights into each HCP’s clinical practices and product utilization.

Furthermore, AcuityMD supports personalized sales strategies.Users can view physicians’ surgical volumes and practice locations, as well as their professional backgrounds, published papers, and participation in competitive activities, enabling companies to more precisely tailor their sales strategies to the unique characteristics and needs of each healthcare provider.thereby improving sales efficiency and success rates.

From a market perspective, the AcuityMD platform helps medical device companies define and determine target market sizes, segment them, and provide customized insights, thereby enabling businesses to implement precise positioning strategies and identify growth opportunities.AcuityMD enables users to analyze the entire market landscape with just a few clicks. It provides a clear view of medical device companies’ current market penetration across different product categories, medical procedures, and diagnoses.Furthermore, AcuityMD enables users to segment the market by hospital, ambulatory surgery centers (ASCs), integrated delivery networks (IDNs), and geographic regions, thereby facilitating the development of commercial strategies aligned with market trends and surgical procedures.

The AcuityMD platform helps medical device companies identify potential upselling and cross-selling opportunities by tracking product usage among healthcare providers and care settings. Based on sales outcomes, these companies can more precisely define their ideal customer profiles to improve and optimize future sales strategies.Furthermore, the platform leverages intuitive dashboards to keep enterprises informed of emerging market trends and growth rates, enabling teams to adjust sales plans as needed.

At the regional level,This platform is designed to optimize corporate sales coverage by leveraging MedTech-specific data to allocate, manage, and compare territories, ensuring accurate and robust sales strategies. For instance, the AcuityMD platform assists companies in determining where to invest sales resources and developing precise hiring plans, while providing granular insights into overall market opportunities and product penetration rates by region, state, or ZIP code.

AcuityMD helps enterprises create a unified data source by integrating data from their Customer Relationship Management (CRM) or Enterprise Resource Planning (ERP) systems. Companies can map their existing sales territory and regional hierarchies into AcuityMD, thereby simplifying territory alignment and ensuring data and information consistency across different systems.

In terms of channels, AcuityMD helps users automatically target high-value healthcare providers and care settings for sales and add them to the sales pipeline.During this process, AcuityMD automatically collects all relevant information, such as procedure volumes and healthcare provider details, enabling sales representatives to easily manage sales opportunities and identify untapped prospects throughout the sales cycle.

This platform enables sales teams to forecast future sales performance with greater precision, identify gaps relative to sales targets, and guide representatives in expanding their pipeline of prospective customers. Specifically designed to account for the complex relationships among healthcare providers, products, and care settings, the platform allows sales teams to track multiple sales opportunities associated with a single healthcare provider simultaneously. Furthermore, as sales representatives nurture leads through the purchasing journey, they can continuously monitor their progress toward achieving sales targets.

Using AcuityMD, medical device companies can mobilize their teams around the right goals and opportunities.ForSales RepresentativeFor healthcare organizations, the AcuityMD platform can be used to identify healthcare professionals and care settings most likely to purchase products or services. Through personalized engagement and precise opportunity forecasting, sales representatives can more effectively connect with potential customers and improve sales success rates.

ForSales SupervisorFor this purpose, the platform can be used to gain a comprehensive overview, lead and monitor team activities, track current penetration rates and changes in new sales channels for products, accounts, Integrated Delivery Networks (IDNs), and therapeutic areas, and rapidly notify team members of important information updates through the note-tagging feature.

Marketing PersonnelThe AcuityMD platform can be utilized to analyze market size and segments, as well as to track the impact of product launches, market acceptance, and penetration rates. Furthermore, the platform helps marketing teams maintain information alignment, ensuring that all stakeholders have a clear understanding of marketing initiatives, thereby facilitating collaboration and driving the implementation of marketing strategies.

Notably, AcuityMD leverages a mobile application that enables users to access the information they need anytime and anywhere, whether in the office or on the go. By utilizing heatmap technology to identify and locate nearby surgeons or facilities, users can discover and engage with potential clients.This system seamlessly integrates with other commercial tools, providing a panoramic view of sales, customer, and market data within a unified platform. It offers flexible integration with CRM, ERP, and other systems, eliminating the tediousness of manual data entry and helping enterprises better manage vast amounts of information.

AcuityMD’s commercial platform transforms vast amounts of healthcare data—such as physicians’ surgical volumes, product preferences, healthcare institutions, peer networks, and referral patterns—into intuitive workflows and recommendations aligned with the unique commercial processes of the medical technology industry. The system has driven a more than 25% increase in sales for top-performing sales representatives and generated over $10 billion in sales opportunities.

Since its founding in 2019, AcuityMD has experienced rapid growth, currently supporting more than 200 medical technology manufacturers through its business intelligence platform, including six of the top 10. According to ICONIQ Growth’s “Topline Growth & Operational Efficiency” research analysis, AcuityMD ranks in the top quartile among B2B software companies for customer retention and growth.To date, AcuityMD has raised over $83 million in funding, and its annual recurring revenue has grown tenfold since its Series A financing round in 2022.

Empowered by the new round of financing, AcuityMD plans to launch three new products by the end of 2024, expand its medical device sales management solution to more customers, and grow its engineering and product teams by 70%.