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New York, NY. July 9, 2021 – New York-based, health tech startup AvoMD has announced it raised $3 million in funding to fuel the growth of its next-gen, no-code clinical guidelines and decision support platform.
The Problem
Since late 2018, AvoMD has striven to tackle medicine’s “knowledge paradox” – while researchers have made tremendous strides in developing new treatments and therapeutics, clinicians struggle to keep up with the exponential growth of medical information and adopt the latest standard of care for their patients. This paradox has contributed significantly to provider burnout and wasteful healthcare spending.
The Solution
Hospitals and large provider organizations use AvoMD’s no-code platform to instantly digitize their local, evidence-based guidelines and algorithms which are then made available to clinicians via AvoMD’s interactive mobile and desktop apps. AvoMD’s next-gen user experience mimics that of a virtual consult, and in clinical trials and live deployments, has been shown to dramatically increase the usability and usage of evidence-based guidelines. The AvoMD platform can integrate into the electronic health record or function on a standalone basis.
To date, AvoMD has partnered with over 10 hospital and provider partners, including Children’s Minnesota, the seventh-largest pediatric health system in the US. AvoMD is also working with PM Pediatrics, the nation’s largest pediatric urgent care provider, to digitize their evidence-based care guidelines and integrate into the electronic health record. In early 2021 the company released avoMD Preop, a quick reference app designed to reduce inappropriate workups and surgery cancellations and developed in conjunction with leading expert Dr. Steven Cohn, Professor Emeritus at the University of Miami Miller School of Medicine and former Chief of the Division of Internal Medicine at SUNY Downstate.
Fundraising Detail
The new funding provides AvoMD the resources to further invest in product development, expand its go-to-market capabilities, and grow in new markets such as South Korea.
Participating investors include Dunamu, Mirae Asset Global Investments, SpringCamp, FuturePlay, and World Trade Ventures. In addition to the round closing, AvoMD will be joining Elementa Labs, a 12-week virtual incubator launched by Mount Sinai Innovation Partners that allows selected healthcare and biotechnology startup companies to explore ways to strategically align their efforts with the Mount Sinai Health System. Previous investors include 500 Startups, StartUp Health, and Columbia University.
CEO Yair Saperstein, MD, MPH said, “For too long, clinical software has failed providers by lacking usability and removing providers’ autonomy from decision-making. At AvoMD, our mission remains unchanged: equipping frontline clinicians with the tech to do their jobs with more confidence, ease, and accuracy. Our company, now backed by incredible investors in the US and Korea, is primed for the next stage of growth and development.”
“AvoMD eliminates the gap between technology and clinical practice,” said Jung-hee Ryu, CEO of FuturePlay. “It is a product that enables the replication of the best medical practices from clinician to clinician and from hospital to hospital in a global scale.
Dov Shamir, Senior Manager of Entrepreneurship at Mount Sinai Innovation Partners added, “We are thrilled to help AvoMD further its journey towards making decision support more usable and clinician-friendly at the point-of-care. We believe the impact AvoMD can have at Mount Sinai and beyond is limitless, and we are very much looking forward to working together.”
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