LOS ANGELES, April 28, 2022 (Newswire.com) - NotiSphere, a healthcare technology startup revolutionizing the industry's recall alert process by directly connecting suppliers to recall coordinators at healthcare organizations, today announced a $3.6 million Series Seed round led by Royal Street Ventures, with participation from Okapi Ventures, Stage Venture Partners, Revolution's Rise of the Rest Seed Fund, Coelius Capital, Supernode Ventures and Cedars Sinai Health Ventures.
This latest financing brings Notisphere's total fundraising to $5.9 million.
Launched in early 2020, NotiSphere is the only solution in the market that simultaneously addresses challenges faced by both providers and suppliers when communicating recalls, eliminating paper from the process, and reducing the number of alerts that need to be reviewed by providers by up to 95%.
"Royal Street Ventures was thrilled to lead the seed round investment for NotiSphere", said Laura Brady, Managing Partner at Royal Street Ventures. "The antiquated technology facilitating medical device recalls today potentially puts the lives of patients at risk with a lengthy and time-consuming notification process. Guillermo's deep healthcare supply chain experience led to the creation of NotiSphere's marketplace-type platform that facilitates seamless med device recall communication between providers and suppliers, creating benefits for many stakeholders. Patients' lives are saved. Providers' risk decreases. Suppliers' cost decreases. NotiSphere's technology is long overdue in the market."
Regardless of the technology used internally by providers and suppliers today, the recall process is still paper-based, and therefore slow and unreliable.
In addition, the recall notices may not arrive at their destination, or be sent to the incorrect person within the hospital. Ultimately, the impact is that patients are put at increased risk. The number of medical recalls and units impacted increases annually, compounding the problems.
NotiSphere changes all this by creating direct connections between suppliers and providers to communicate recall-related information in real-time, reducing the time it takes a hospital to be notified of a recall by 99%, eliminating repeat and duplicate notifications and false positives, and overall, significantly reducing patient risk.
"By creating the right connections, we simplify the current recall alert process, which today is a source of frustration for both suppliers and healthcare provider organizations", said Guillermo Ramas, Founder and CEO of NotiSphere. "A single, connected platform turns it into a much easier process, saving hundreds of hours for the providers, shortening the time it takes a supplier to communicate to all affected locations and giving everyone exponentially more visibility into the entire process by allowing two-way real-time communications."
"With the number of recalled units increasing significantly each year, it is crazy that the healthcare industry is still using a paper-based process. We have experienced firsthand the increased patient risk that can occur because the information is delayed in getting to the correct person", said Mike Vintges, Senior Vice President of Strategic Sourcing at Azura Vascular Care. "Using NotiSphere to receive electronic alerts and directly connect the suppliers to our organization solves the challenges of the current healthcare recall process. We are asking our suppliers to embrace this innovative technology."
The latest funding will be used to support NotiSphere's hiring to expand adoption across the industry and enable scalability to support the rapidly growing number of users.
NotiSphere offers an innovative digital platform that directly connects medical device suppliers and healthcare organizations, enabling direct communication and management of medical device recalls in real-time. Our vision is to revolutionize the medical device recall alert process in use by the healthcare industry, shortening the time it takes to process recalls, eliminating significant costs for medical device suppliers, and reducing the carbon footprint of the process used by the industry for the last 40 years.
NotiSphere enables focused communication, directly to those who need to know. Efficient communication through the platform shortens the time it takes to execute recalls, reduces the number of alerts received by an organization, and improves efficiency in managing the recall, allowing providers to focus on patient safety rather than administrative processes. With our partners, we are challenging the status quo of a broken process, driven by the shared focus of preventing recalled items from ever causing harm to a patient.
Source: Notisphere, Inc.