ImageMoverMD Secures $4 Million to Automate Health Records with Medical Imaging

VCBeat (WeChat Official Account: vcbeat) has learned from foreign media that medical imaging company ImageMoverMD recently completed a $4 million financing round. The proceeds will be used to develop medical imaging solutions integrated with electronic health records (EHRs), expand its customer network, and enhance related technical products. This round was led by Bain Capital Ventures, Cultivation Capital, and Health X Ventures, with participation from Colle Capital and Wisconsin Investment Partners.

ImageMoverMD is a medical imaging software development company founded in 2013 and headquartered in Madison, United States. The company leverages electronic health records (EHR) to automatically integrate medical images, thereby streamlining the collection and management of medical imaging data.

In the data-driven healthcare industry, medical imaging plays an increasingly important role. However, traditional medical imaging systems are not well-suited for today’s electronic health records (EHRs), which integrate patient data from various sources. ImageMoverMD pioneers a novel approach to medical imaging integration: it links EHRs with medical images from disparate sources, archives them in Picture Archiving and Communication Systems (PACS) and medical imaging repositories, and ultimately enables automated management.

ImageMover’s medical imaging management platform has automated the management of millions of medical images and has been applied to various image-centric clinical workflows, such as wound care and surgical procedures. As the authoritative source of patient information, the Electronic Health Record (EHR) is deeply integrated with ImageMover, enabling end-to-end automation of the imaging workflow from acquisition to capture.

ImageMover leverages Vendor Neutral Archives (VNA), Picture Archiving and Communication Systems (PACS), and Electronic Health Records (EHR) to integrate diverse imaging workflows, enabling access to medical imaging data on any mobile device while ensuring patient data remains secure. Currently, the use of data such as images and videos is increasingly prevalent in the healthcare industry, becoming an essential component of clinical workflows. However, the rate of healthcare data breaches has reached as high as 66%. The Health Insurance Portability and Accountability Act (HIPAA) safeguards medical data security by imposing fines of $1,000 for each instance of privacy violation. ImageMover is fully compliant with HIPAA privacy protection standards.

Healthcare systems are required to manually upload thousands of patient images to CDs each month. These CDs are then stored in the central imaging archive department for manual classification and archiving, after which links to the CD images must be imported into electronic medical records (EMRs). Manual data entry can lead to errors or duplication in medical image data. The ImageMover platform connects directly with CDs to import images straight into the central archiving system, thereby reducing the risk of manual entry errors.

Furthermore, ImageMover reduces the rate of duplicate imaging studies. In the United States, the duplication rate for imaging studies within health systems reaches 9% annually, resulting in nearly $8 billion in wasted expenditures. This redundancy often occurs because healthcare providers lack access to patients’ prior electronic medical records. With ImageMover, healthcare providers can view a patient’s historical health records directly alongside their medical images, thereby preventing duplicate studies.

ImageMoverMD has completed five rounds of financing, raising a total of $8.6 million.

Bain Capital Ventures, established in 2001 and headquartered in Boston, Massachusetts, is a venture capital firm investing in software development and data transformation. The firm manages approximately $3.6 billion in assets and is dedicated to helping early-stage startups bring their products to market. Since its inception, it has assisted more than 200 companies in achieving commercialization, including DocuSign, SurveyMonkey, Taleo, and TellApart.

Cultivation Capital, founded in 2012 and headquartered in St. Louis, United States, is a venture capital firm investing in software technology and life sciences. Since its inception, the firm has invested in more than 100 companies, most of which are in the early startup stage.

Health X Ventures, founded in 2015 and headquartered in Madison, USA, is a venture capital firm focused on investing in the healthcare sector, primarily targeting companies at the seed stage.

Colle Capital (科勒资本), established in 1980, is a private equity investment firm headquartered in London, UK, with offices in New York, USA, and Hong Kong, China. The company provides liquidity solutions for global private equity investors.

Wisconsin Investment Partners, established in 2000, is an angel investment group based in Madison, USA, primarily investing in early-stage companies in the life sciences sector. Wisconsin Investment Partners currently has 90 angel investors and 65 portfolio companies. The firm invests between $3.5 million and $4 million annually.

(Editor: Wang Chan)