Congratulations to iF client, Medstack for their recent announcement of a successful seed round.
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MedStack, a Toronto-based compliance solution for healthcare apps, has raised a $2.4 million oversubscribed seed round led by Telus Ventures, with participation from ScaleUP Ventures and Panache Ventures.
Existing investor Ontario Centres of Excellence and several previous angel investors also participated in the round. Telus Ventures and ScaleUP are joining the company’s board with this round of investment.
“Entrepreneurs bringing apps to healthcare are doing important work in technology, often inspired by their own personal experiences to make health management and care delivery smarter and better,” said MedStack CEO Balaji Gopalan. “For too long, developers have struggled because of the challenges of onboarding to the industry’s stringent requirements and proving compliance over time, while maintaining technological creative freedom. We’ve solved that.”
MedStack aims to enable the adoption of digital innovation in healthcare, by allowing entrepreneurs to build healthcare applications, which can be difficult to navigate since hospitals have complex onboarding processes. The company’s focus is to help developers meet privacy compliance requirements through automation. Those systems standardize data protection elements for Canadian, US, European and Asian health data privacy legislation across public cloud vendors and technology stacks, to generate security policies and compliance monitoring.
Some of the companies MedStack has assisted include Maple, a SaaS company that allows people to access a doctor 24/7 by text or video, and CareTeam, a healthcare-grade team collaboration platform. In May 2018, MedStack announced a self-service active compliance system for healthcare app companies, that would bring infrastructure security, privacy training, and administrative policies into an integrated platform.