Medical Informatics Corp. Raises $27 Million in Financing to Help Hospitals Manage Staff Shortages and Create New Standard of Data-driven Care

By: Medical Informatics Corp. via Business Wire

November 29, 2022 at 09:00 AM EST

Round co-led by Catalio Capital Management and Intel Capital

Growth-stage funding will power the company’s expansion as demand soars for MIC’s FDA-cleared platform, Sickbay™, which unlocks waveform data from the patient’s bedside to help hospitals rapidly scale bed and staff capacity, stratify risk and deliver patient-centered, data-driven care.

Medical Informatics Corp. (MIC), a leading provider of virtual care and analytics, is announcing $27 million in financing with a $17 million Series B co-led by Catalio Capital Management (“Catalio”), through Catalio’s venture capital strategy, and Intel Capital. The financing also includes an additional $10 million in debt led by Catalio through Catalio’s structured equity strategy. New investors TGH Innoventures - Tampa General Hospital’s innovation center and venture fund - and Notley, and existing investors DCVC, TMC, and nCourage also participated in the round. As part of this latest round, Jonathan Blankfein, Principal at Catalio, will join the company’s board of directors, and Dr. Diamantis Xylas, Head of Research at Catalio, will join as a board observer.

MIC augments health care organizations’ ability to access, harness and leverage data to streamline clinical workflows, address challenges such as staff shortages and critical care capacity and establish high-quality standards of care that enhance patient outcomes. Through the company’s flagship, vendor-neutral, FDA-cleared platform, Sickbay™, hospitals archive, aggregate and transform otherwise unrecorded, high-resolution waveform data from disparate bedside devices. The platform unifies that data with information from the Electronic Medical Record and other systems and delivers it back into clinical care through a web-based interface to make it actionable.

Particularly well-positioned to aid health care organizations during the pandemic response, MIC scaled rapidly in the past two years. With its unique focus on providing agile, scalable technology, MIC helped hospitals and health systems navigate challenges, including new ones precipitated by staffing shortages and the resulting lack of specialty care in areas across the U.S. MIC will use the funding to continue fueling its rapid growth and adding highly specialized talent, including deep product specialists and client engagement teams to support long-term strategic partnerships.

“We have seen an increased demand for our solution as our clients face significant staffing challenges and are looking for ways to amplify and empower their workforce. Some of the largest health care systems in the country are standardizing their infrastructure on our Sickbay™, platform while consolidating IT spend,” said Emma Fauss, Ph.D., CEO and co-founder of MIC. “We are excited to have had this round co-led by Catalio and Intel Capital. Catalio brings significant financial and technical resources, while Intel Capital possesses strong operational and industry experience, and we look forward to continuing to leverage both firms’ expertise as we continue to scale.”

“Health care systems’ need for high-caliber, cost-saving, data-driven technology is only going to increase, and MIC’s proprietary platform is perfectly positioned to address some of the most critical clinical challenges that health care organizations face,” said Jonathan Blankfein, Principal at Catalio. “We look forward to continuing to support MIC’s strong team as it continues to deliver better outcomes for health care organizations and patients alike.”

“One of the main barriers to advanced analytics in health care is the siloing of data and today there is a significant need for a platform to enable flexible, centralized and remote monitoring at scale and on demand,” said Mark Rostick, Vice President & Senior Managing Director at Intel Capital. “Medical Informatics is setting a new standard of health care by removing these data silos for health care providers of all sizes and transforming the way patients are monitored from hospital to home with real-time AI.”

New for this round is an investment from TGH Innoventures. “We are also delighted to have such a prestigious organization participate in the round,” Fauss noted. “Fostering deep partnerships with health care organizations is integral to both our impact and long-term success. It is important for us to continue to be close to the voice of the customer so that we can continue to address the challenges facing the marketplace and meet clinical and organization needs.”

“As a leading health system focused on leveraging innovation and technology to drive quality care, we are excited to invest in high-impact technology that can drive improved outcomes for our patients,” said John Couris, president and CEO of Florida Health Sciences Center (Tampa General Hospital). “We recognize the value of harnessing data to lower costs and improve nimbleness of information sharing. TGH Innoventures allows us to support this type of innovation in a significant and meaningful way.”

“TGH Innoventures was established to provide a coordinated mechanism to develop innovative solutions to improve quality and access to care,” said Rachel Feinman, vice president of innovation, Tampa General Hospital and managing director of TGH Innoventures. “We are eager to leverage Sickbay’s™,’ virtual capabilities to bring next-generation, world-class care to our patients across the Tampa Bay region and beyond. The ability to integrate data generated by disparate devices and remotely access comprehensive patient data opens new opportunities for the patients we serve.”

ABOUT MIC

MIC is empowering a new standard of healthcare by accessing, synthesizing and delivering patient-specific data to clinicians and researchers to save and improve lives. The company’s FDA-cleared Sickbay™ platform provides a singular, interconnected architecture that helps hospitals solve clinical needs while enabling rapid scaling of remote patient monitoring across any patient setting, vendor-neutral real-time medical device integration, workflow automation and standardization, and the ability to accelerate the development and deployment of patient-centered AI at scale. Fueled by innovative engineers, mathematicians, clinicians, researchers and entrepreneurs, MIC is based in Houston, Texas, where the team works alongside hospitals and healthcare systems across the country to develop groundbreaking discoveries and create a new standard of software-based monitoring and data-driven care. michealthcare.com

ABOUT CATALIO CAPITAL MANAGEMENT

Catalio Capital Management, LP, is a multi-strategy life sciences investment firm that focuses on breakthrough biomedical technology companies developing the next generation of drugs, devices, diagnostics, and data-driven insights. Catalio's partnership includes over 36 world-renowned scientists with extensive academic bona fides who have each started several successful companies based on their research. Catalio has offices in New York, Baltimore, and London. For more information, visit www.cataliocapital.com.

ABOUT INTEL CAPITAL

Over three decades, Intel Capital has invested more than US $20 billion in the future of compute, funding standout, early-stage startups across four key areas of the tech ecosystem; Silicon, Frontier, Devices and Cloud. Intel Capital-funded companies have produced more than 700 IPOs and exits, and created more than US $100 billion in market value in the past 10 years. For more information, visit www.intelcapital.com or follow @Intelcapital.

ABOUT TAMPA GENERAL HOSPITAL

Tampa General Hospital, a 1,040-bed, not-for-profit, academic medical center, is one of the largest hospitals in America and delivers world-class care as the region’s only center for Level l trauma and comprehensive burn care. Tampa General Hospital is the highest-ranked hospital in the market in U.S. News & World Report's 2022-23 Best Hospitals, and is tied as the third highest-ranked hospital in Florida, with seven specialties ranking among the best programs in the United States. It is one of the nation’s busiest adult solid organ transplant centers and is the primary teaching hospital for the USF Health Morsani College of Medicine. For more information, go to www.tgh.org.