Medmo, a healthtech startup focused on imaging tests, has raised $9 million in a round led by New York-based Lerer Hippeau. Other participants included Israel’s Jerusalem Venture Partners, New York’s C2 Ventures, New Orleans-based Stone IsraVentures, Washington, D.C.-based DHVP, and angel investors Elliot Cohen, founder of PillPack (acquired by Amazon); and Simon Bolz and Dr. Simon Lorenz, co-founders of Klara (acquired by ModMed).
So far, the New York startup has raised $15.9 million, as it builds a platform to connect local medical centers providing imaging services with ordering physicians, enhancing quality of service and realizing cost savings.
“Medical imaging is especially challenging to coordinate and contains additional layers of complexity for both patients and providers,” said Medmo co-founder and CEO Lucas Takahashi, who was previously a financial executive at Axiom and GE Capital.
“Our platform facilitates the process from start to finish, allowing providers to track patient journeys and close the loop on care. This leads to better patient outcomes and less administrative burden on staff,” added the Penn State graduate.
In a LinkedIn post, Takahashi said Medmo has been quietly building the “connective tissue of the imaging market,” onboarding some of the largest multi-state and national healthcare organizations across the country.
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Medmo believes the U.S. imaging market — estimated to be worth over $100 billion annually — is archaic, expensive and difficult to navigate for both patients and providers. This, it says, results in up to 40% of imaging orders being either delayed or never being completed. Takahashi is counting on technology to improve things and cut costs, as Medmo improves areas such as scheduling and patient intake.
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“Investor capital in healthcare has often focused on high-tech solutions to improve diagnostic assessments, but that approach ignores a crucial first step: connecting patients with accessible care,” said Isabelle Phelps, partner at Lerer Hippeau. “Medmo removes the cost and logistical barriers to diagnostics, improving imaging order completion rates and subsequent quality of care.”
Lerer Hippeau, an early-stage venture capital firm, is based in New York. Its portfolio includes more than 400 startups, including Guideline, Mirror, Blockdaemon, K Health, Allbirds, ZenBusiness and Thrive.