What You Should Know:
– NotiSphere, a healthcare technology startup focused on transforming the medical 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.
– 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.
Significantly Reduce the Time Spent Managing Recalls
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.
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%. NotiSphere creates 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.”