TORONTO – “With COVID-19 it’s not been an easy time to raise capital.” In virtually the same breath Joshua Liu, CEO of Toronto-based health-tech startup SeamlessMD Inc. credited the pandemic with nudging investors to spend CA$4 million (US$3 million) to grow his company’s cloud-based patient engagement app, boosting a library of digital plans for surgery, cancer and chronic care and adding machine learning-based risk prediction to remote patient monitoring.
Patient engagement has become more than a buzzword for the FDA and drug and device developers. But for payers, not so much. When valuing new drugs and devices, payers often undervalue or ignore what they may consider convenience updates, giving little to no consideration to the difference a seemingly minor improvement could make to patients debilitated by fatigue, pain, the burden of treatment and the burden of a disease itself.
Xealth Inc., of Seattle, closed a series A financing with an additional $3 million from new investors Atrium Health, Cleveland clinic and Memorialcare Innovation Fund. The proceeds, which now total $14 million, will go toward further developing and deploying the company's digital prescribing and analytics platform. The company focuses on helping health systems organize and utilize digital health tools to optimize workflow, patient engagement and financial results.