Worrell says the round was oversubscribed and will be soon expanding to $2.8m in anticipation of a larger Series A to follow. Current investors include physicians, cardiologists and tech entrepreneurs predominantly in Minneapolis and San Diego where the sister office is located.
The venture was spun-out of Worrell Design last fall, focused on collecting and sharing manufacturers cardiac device data neutrally (hence Geneva) on the millions of people with cardiovascular diseases that require sensitive implantable devices known as defibrillators, pacemakers and biventricular CRT devices.
Such information has historically been closely held and therefore the traditional approach for reading such data involves waiting for manufacturers reps to physically be at a hospital. With the introduction of Geneva’s SaaS platform, technicians on site can obtain a read almost immediately.
“It’s a matter of minutes instead of hours,” he explains, pointing to a (paid) report from the May edition of Academic Emergency Medicine Journal where the University of San Diego California Medical Center saved over 90 minutes using the Geneva Healthcare Suite in its Hillcrest and Thornton Emergency Departments.
“Not only are we saving time but catching life saving issues. It’s both economic and clinical, which is where you need to be in healthcare today.”
The funding will be applied towards continued software development, refinement of the mobile app, and scaling of the sales force in key markets including Los Angeles, San Francisco and Las Vegas.
In dealing with chronically ill patients and class 3 acute devices, Geneva has registered with FDA as a class 1 exemption under the Medical Device Data System (MDDS), which is in the realm of medical mobile apps but with a niche of data dissemination and presentation.
“Having a regulatory strategy is a big step for us and it’s a precedent for how these systems will be governed.”
Between the funding, market validation, and FDA path — Worrell is confident about the future for Geneva. “It feels great to have this initial capital in the bank with more to come.”