With New Funding in Hand, ImageMoverMD Eyes International Markets
[Corrected 9/1/17 6:04 p.m. See below.] A Middleton, WI-based startup that has built a mobile app allowing healthcare providers and patients to securely send images from their smartphones says it’s on the verge of making its first sales outside the U.S.
ImageMoverMD’s software lets doctors and other clinicians photograph patients’ wounds, rashes, and other conditions and send the pictures to colleagues in a way that’s compliant with strict patient privacy laws. Patients also can send pictures to their primary care physicians using the ImageMover app, which is available for iOS and Android mobile devices.
Earlier this week, the startup said it had raised $1.2 million from investors. Richard Bruce, who co-founded ImageMoverMD in 2013 and serves as the company’s chief technology officer, says the money will mostly go toward product development and sales and marketing efforts.
Bruce says that HealthX Ventures, an early-stage investment firm based in Madison, WI, led the funding round. Several individual investors, some of whom had invested in ImageMoverMD previously, also participated, he says. [A previous version of this paragraph incorrectly stated that Northwestern Mutual Future Ventures is an investor in ImageMoverMD, when in fact the fund has only considered investing in the company. We regret the error.]
Bruce says ImageMoverMD has added several new customers in the past year, though the only ones the company is naming publicly are the University of Wisconsin Hospital and Clinics and Marshfield Clinic.
ImageMoverMD sells its white-label software through resellers such as IBM (NYSE: IBM), Bruce says. Healthcare providers that use the software can brand it as they wish, he says.
ImageMoverMD is also setting its sights on hospitals and clinics outside the U.S., Bruce says.
“We are actively selling to a number of different customers in Europe and potentially in Australia through our partnership with IBM,” he says.
IBM has already obtained the CE marking that’s needed to market certain medical technologies in Europe for some of the products the company sells (or resells) there. IBM has also gotten clearance to sell healthcare software in Australia previously, he says.
“We don’t have sales or [technical] support workforce outside the U.S.,” Bruce says. “Having reseller partners helps.”
ImageMoverMD works with IBM’s Watson Health Imaging division to market and install its apps at hospitals and clinics, Bruce says. IBM has ramped up its medical imaging operations following Big Blue’s acquisition of Merge Healthcare for $1 billion in 2015.
Bruce says ImageMoverMD currently has six full-time employees, and plans to expand its team in coming months.
He declined to say what ImageMoverMD’s revenues were in 2016, or the valuation the startup received as part of the latest funding round.