AssistIQ, a Montreal-based healthcare technology company specializing in computer vision solutions for hospital supply chain management, has announced the successful completion of an $11.5 million Series A funding round. The investment was led by Battery Ventures, with participation from existing investor Tamarind Hill, marking a significant milestone in the company's growth trajectory.
The funding will accelerate the expansion of AssistIQ's flagship product, AIQ Capture, which leverages advanced computer vision technology to track supply and implant usage in operating rooms and procedural areas. This real-time tracking capability addresses a critical challenge in healthcare operations by reducing waste and improving inventory management accuracy.
Brandon Gleklen, principal at Battery Ventures, will join AssistIQ's board of directors as part of the investment, bringing valuable expertise to guide the company's strategic direction. The appointment signals strong confidence from the investment community in AssistIQ's potential to transform hospital supply chain operations.
"Our mission is to build trust in data and empower health systems with AI-driven insights that improve margins, drive sustainability and ultimately enhance patient care," said Lisa Israelovitch, CEO of AssistIQ. "We're thrilled by the market's response to our product and deeply grateful to our health system partners, whose collaboration helps us innovate and deliver solutions that create value across clinical and operational workflows. We're also excited to welcome Brandon and the Battery team to the AssistIQ journey as we accelerate our growth and expand our impact in the market."
The company has already achieved notable market traction with its technology platform. AssistIQ's solution has been successfully integrated into Epic at Owensboro Health Regional Hospital in Kentucky, demonstrating the platform's compatibility with major healthcare IT systems. The company has outlined plans for several additional Epic integrations in the coming months, indicating strong demand for its supply tracking capabilities.
Northwell Health, one of New York state's largest health systems, serves as both a customer and design partner for AssistIQ. This collaboration exemplifies the company's approach to developing solutions in close partnership with healthcare providers, ensuring that the technology addresses real-world operational challenges faced by hospitals.
The Series A funding follows AssistIQ's 2023 early-stage funding round of $2.5 million CAD ($1.81 million), reflecting the company's rapid progress in developing and commercializing its technology. The substantial increase in funding size demonstrates investor confidence in the company's ability to scale its operations and capture a larger share of the hospital supply chain management market.
As healthcare systems continue to face pressure to improve operational efficiency while maintaining high-quality patient care, AssistIQ's AI-powered supply tracking technology addresses a critical need in the industry. The new funding will enable the company to expand its reach and help more hospitals optimize their supply chain operations through intelligent automation.
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