1EQ, maker of a health information organizing tool for patients and providers, raised $1.1 million from Kensington Partners and the Ense Group. The first $200,000 was raised in February to get their minimum viable product out, the company said, and the rest was raised recently to create a scalable product and push this product into hospitals and clinics.
The company's platform integrates genomic data and personal data from patients to help doctors dictate what information the patient needs after leaving the doctor's office. The user interface allows doctors to drag and drop information aggregated from evidence based care plans into a patient's app, which creates to do lists for the patient to follow.
"When you start to look at discharge procedures for readmission, you know what happens, patients need to do very specific things when they leave a doctor’s office or surgery," Cofounder and CEO Anish Sebastian told MobiHealthNews. "This world of connection outside the clinic is crucial and we are just trying to make it super simple and actionable."
While 1EQ has an app for patients and the company was initially targeting their product at patients, the company pivoted and the platform is now geared towards providers. In the short term, 1EQ will market this technology for concierge doctors, so the company can monetize the platform from what the providers will pay them.
"As a business play what we want to do is really focus on monetizing our product," Cofounder and CFO Juan Pablo Segura told MobiHealthNews. "And so by working with, we almost call it this layer of premium doctors that are forward looking -- they want to have meaningful interactions with their patients and actually patients are paying $2 to $3 thousand a year for meaningful relationships with their doctors. Integrating technology like this that’s creating those tangible connections is a value add, and it’s very useful."
So far, 1EQ has secured pilots with four clinics that the team will use to focus on outcome, satisfaction and engagement of their product. 1EQ's largest trial is also close to home for the D.C.-based team -- at George Washington University, where they want to focus on transitions of care in high tech situations. This trial will start in early Q1. Another is with physician Molly Maloof in California. The last two trials involve small clinics in North Carolina that specialize in neurology.
In the smaller trials, the company's main focus is usability and feedback from providers using the technology. So far the company has also integrated their platform with two EHRs, Cleveland, Ohio-based Workflow and Chicago-based Allscripts.
The company's next step is to get data back from pilots in March and then ink a deal with an ACO -- Sebastian hopes that in six to seven months the company can monetize the data and generate revenue in the six figures. The team also plans to raise another round between $3 to $4 million halfway through the third quarter.