Toronto-based health-tech startup Verto Health has raised 2M CAD in a seed funding round held in August 2020, led by MaRS Investment Accelerator Fund (MaRS IAF). Other investors include Verstra Ventures, Amplify Capital, and undisclosed strategic investors dealing with digital health-tech.
The fresh funding will be used to augment its sales and marketing teams across North America, develop its products and increase operational support in order to address its expressively increasing demand.
Michael Miller founded Verto Health in 2017. The startup intends to improve clinical functioning by connecting healthcare providers and patients. Its platform utilizes “digital twin technology,” which creates virtual copies of physical units, like bodies or devices. CEO Miller was quoted to say, “Digital twin technology has been deployed in other industries to improve data sharing, interoperability and efficiency and I was confident that similar technology could be applied to the healthcare sector.”
Prior to founding Verto Health, Miller had spent 15 years of his life working in the healthcare information technology sector. Over these years, he realized that healthcare organizations struggled with major clinical functioning problems as they created digital patient records, given that different providers use dissimilar systems.
The startup’s software assimilates with existing hospital and laboratory information systems, electronic medical records (EMR), mobile app data, and several other devices. It claims that its platform makes patient care data simpler and less costly to access, improving patient results and experiences.
Verto Health primarily addresses interoperability (the ability of computer systems to exchange and utilize information) and patient care management, without the use of expensive EMR upgrades. The startup has stated that its platform is presently used by over 50 hospitals, clinics, and long-term care facilities across North America and has catered to over 120K patients.
It also supports virtual care, simplifies data collection, enables synchronization between healthcare facilities, and behaves like a patient engagement center. For example, Verto’s technology permits long-term healthcare benefactors to access a patient’s full medical histories from different hospital and laboratory information systems effortlessly. This enables them to offer more tailor-made care to their patients.
“What piqued our interest in Verto was its ability to address the decades-old inter-operability and care coordination problems in healthcare without modifying existing EMRs or workflows,” said Matan Hazanov, VP of Vestra Ventures.
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