TORONTO, August 27, 2020 /Betakit/ -- Toronto-based healthtech startup Verto Health has closed a $2 million CAD seed round led by MaRS Investment Accelerator Fund (MaRS IAF).
The round also included financing from Verstra Ventures, Amplify Capital, and undisclosed strategic investors in digital health.
“COVID-19 has only accelerated digital transformation in healthcare.”
Verto aims to improve clinical workflow by connecting healthcare providers and patients. The startup’s platform uses “digital twin technology,” which creates virtual replicas of physical entities, like bodies or devices.
The company said it plans to use the new capital to grow its sales and marketing teams across North America, develop its products, and scale-up operational support “to address significantly increasing demand.” Verto told BetaKit investors have committed to providing additional support if required.
“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,” said Michael Millar, Verto Health’s founder and CEO.
Millar founded Verto Health in 2017, following 15 years spent working in healthcare information technology, during which he noticed healthcare organizations struggled with clinical workflow issues as they built out digital patient records, given that different providers use different systems.
Verto’s software integrates with existing hospital and laboratory information systems, electronic medical records (EMR), mobile app data, and various other devices. The company claims its platform makes patient care information easier and less costly to access, improving patient outcomes and experiences.
The startup aims to address interoperability (the ability of systems to exchange and make use of information) and care coordination, without the use of “expensive or disruptive” EMR upgrades. According to Verto, its platform is currently used by over 50 hospitals, clinics, and long-term care facilities across North America, and has served over 120,000 patients.
“What piqued our interest in Verto was its ability to address the decades-old interoperability and care coordination problems in healthcare without modifying existing EMRs or workflows,” said Matan Hazanov, VP of Vestra Ventures.
“COVID-19 has only accelerated digital transformation in healthcare, so we looked to partner with leading investors to support our rapid growth,” Verto’s CEO added.
Verto supports virtual care, streamlines data collection, allows for coordination between healthcare facilities, and acts as a patient engagement hub. For instance, Verto’s tech allows long-term care providers to access patient’s full medical histories from different hospital and laboratory information systems with ease, enabling them to offer more personalized care.
“Healthcare is undergoing a rapid shift away from ‘one-size-fits-all’ experiences towards a future where the best patient outcomes are personalized and specific to each of us,” said Craig Leonard, senior investment director at MaRS IAF.