The $5 million oversubscribed seed funding round led by NFX. Additional investors in the round include Precursor Ventures, Sound Ventures, FJ Labs and Bryan Fris reports Medinas.
Due to the cost and daunting nature of asset management, hospitals have been slow to adopt problem-solving technologies. Many hospitals in the United States still utilize spreadsheets to manage their inventory of medical equipment, which often results in misplaced equipment and millions of wasted dollars. In the U.S. market alone, there are over 6,200 hospitals, 9,200 ambulatory surgery centers, 7,000 imaging centers, and 166,000 dental clinics.
Medinas is transforming healthcare IT by equipping hospitals with a cloud-based asset management platform that not only provides hospitals with user-friendly software to track and organize assets but allows them to redeploy, sell or donate unneeded medical equipment with the click of a button.
The funding will be used to expand sales and hire software development talent. To further bolster hospitals’ asset management capabilities, Medinas is developing new software features that focus on inventory management, equipment redeployment and equipment maintenance management.
“We’re the first to empower hospitals with modern software to manage their equipment inventory and remarketing programs,” said Chloe Alpert, co-founder, and CEO of Medinas. “NFX has spent decades learning how market networks thrive. Their experience is going to help drive Medinas to national and international success.”
Medinas empowers hospitals in three key ways: (1) Valuing their existing capital equipment using the Medinas Price Book in order to make better utilization decisions, (2) redeploy and track equipment to other hospitals and clinics within their system and (3) quickly, safely and easily resell/donate or recycle their used equipment, helping them recover billions in value. It also gives smaller hospitals access to pre-owned equipment that they wouldn’t be able to afford otherwise.
“This is a classic market network, we have hundreds of thousands of businesses exchanging billions of dollars of value offline. It’s currently time-consuming, repetitive, error-prone, wasteful and risky. Medinas solves this problem,” said James Currier, Managing Partner at NFX. “We have 15 years of learning how to empower people using software to make transactions just like this.”
“Streamlining equipment procurement and remarketing is top of mind for hospital boards,” said Charles Hudson, Managing Partner at Precursor Ventures. “Hospital CFOs realize they’re wasting billions of dollars with their current processes. Medinas is finally bringing modern software to the table to solve this problem as many other industries have already experienced.”