Madison-based software firm ImageMoverMD Inc. has raised a $4 million funding round, the company announced today.
[caption id="attachment_373787" align="alignright" width="469"] Laura Brown, Darcey Nett, Will Robus and Gaby Frazer of ImageMoverMD.[/caption]
Founded in 2014 by Dr. Richard Bruce and Dr. Gary Wendt, ImageMover has developed a medical imaging software that integrates images with electronic health records. Using the ImageMover platform, a doctor could use his or her smartphone to take a photo of a patient’s rash and upload it to the patient’s EHR, with no data left on the smartphone.
This $4 million series B round was led by Bain Capital Ventures, Cultivation Capital and HealthX Ventures. Colle Capital and Wisconsin Investment Partners also contributed.
ImageMover has previously raised $2.8 million in earlier funding rounds, said Kevin Houlihan, chief commercial officer. Last year, ImageMover received a $210,000 investment from BrightStar Wisconsin Foundation, which was part of a larger funding round led by HealthX Ventures.
The company recently moved from co-working space StartingBlock Madison to a larger 3,000-square-foot office at 551 W. Main St. in downtown Madison, which has additional private workspaces, Houlihan said. ImageMover has about 15 employees, with plans to hire another three to five in 2019.
ImageMover plans to use the proceeds to develop new business and enhance its platform. The company has several products available now, including an uploader it is offering health systems free of charge to gain new users, and this additional capital allows the flexibility to do that, Houlihan said.
“We certainly have other products on the way, too,” he said. A lot of that is driven by customer requirements and growth.”
"The amount of frustration and wasted time that dealing with medical images on CDs is still causing patients and providers in 2019 is crazy," said Darcey Nett, chief executive officer of ImageMover. "We're excited to announce that we now offer our uploader to health systems for free to help in the first step of making CDs a thing of the past, while allowing providers to try out some of our other solutions and see the other ways that medical imaging can improve."
"Medical images play an increasingly important role in data-driven care, but legacy medical imaging systems are not well-suited to leverage patient data or automatically integrate with electronic health records," said Yumin Choi, partner at Bain Capital Ventures. "We are thrilled to partner with Darcey and the rest of the team at ImageMover as they work to bring interoperability to medical imaging and improve patient care."