TORONTO--(BUSINESS WIRE)--PocketHealth, the leader in patient-centric medical image exchange, today announced it has raised $33 million USD ($45 million CAD) in Series B funding. The all-equity round was led by Round13 Capital with participation from Deloitte Ventures, Samsung Next, and existing investors Questa Capital and Radical Ventures.
The funding will enable PocketHealth to continue to evolve how medical images are shared, leverage AI to personalize the patient’s care journey, and grow its footprint across the US and Canada. To support these goals, the company plans to double its workforce over the next two years.
PocketHealth was founded in 2016 by brothers Harsh and Rishi Nayyar to give patients access, control, and a deeper understanding of their health records while streamlining the way healthcare providers share medical imaging.
“Medical imaging is the spark to nearly every patient journey, yet manual and legacy image sharing systems deemphasize patient access to their own data, generating unnecessary costs, and delaying patient care,” said Rishi Nayyar, Co-Founder and CEO, PocketHealth. “We’ve proven that when patients gain access to diagnostic-quality imaging and our industry-leading AI helps them understand their records, they are empowered to advocate for their care. The end result is increased patient satisfaction, a faster image sharing process for providers, and greater patient retention. Now, our goal is to make PocketHealth accessible to every patient at every provider across North America.”
With PocketHealth, providers gain a secure, next-generation platform for easily exchanging diagnostic images with both patients and external providers. Uniquely, PocketHealth customers have the flexibility to instantly share images with anyone, across any network — or set up a local network of PocketHealth Community Gateways for automated image exchange. This ensures that records get where they need to, instead of relying on a CD-ROM, return visits to the hospital, or a broken portal experience, which disrupts the patient’s care journey.
The platform uses AI to provide patients with personalized insights and improved understanding of their health. Report Reader explains medical terms in the patient’s report, Follow-Up Navigator intelligently detects follow-up imaging recommendations — encouraging patients to return for new imaging on-schedule — and MyCare Navigator equips patients with relevant, personalized questions to ask their doctor. As a result, 87% of patients surveyed say they are more likely to return to the same healthcare provider when they have access to their imaging through PocketHealth.
“For 20 years, medical image exchange has meant moving files across a closed network, from point A to point B,” said Nayyar. “We’re now seeing some of the largest health systems in North America expecting more from their image exchange and adopting PocketHealth to drive patient retention, satisfaction, and finally solve their image exchange needs.”
PocketHealth connected sites have seen improved patient experience, operational efficiencies, and cost savings.
- Colorado’s Valley View Hospital reduced non-labor costs associated with burning CDs by 95% and enabled patient and staff image sharing with out-of-network providers.
- Toronto’s Unity Health gained more than $120,000 in annual savings and closed their imaging library.
“PocketHealth is tackling a massive problem that requires the ability to build a thoughtful, resilient product experience for patients, physicians, and the most complex healthcare providers,” said Brahm Klar, Managing Partner, Round13 Capital. “We are impressed with how effectively the PocketHealth team has been able to rise to this challenge and create a solution that ensures data gets where it needs to go, instantly, empowering patients along the way. We are thrilled to join PocketHealth on this journey, and look forward to this exciting next stage of growth.”
Over its eight-year journey, PocketHealth has secured contracts with major health systems and outpatient imaging groups across North America including University Health Network, Southern Illinois Healthcare, UofL Health, Universal Health Services, Radiology Partners, and more. With this funding, the company has raised over $55.5 million USD ($75 million CAD) in equity to date. Miranda Ferris, Principal at Round13 Capital, will join the PocketHealth Board.
To learn more about PocketHealth and current career opportunities, visit pockethealth.com.
About PocketHealth
PocketHealth is the only patient-centric image sharing platform, enabling patients to easily access and engage with their diagnostic imaging records. By eliminating any network image-sharing dependencies, PocketHealth seamlessly integrates into healthcare systems and creates efficiencies and cost savings for providers while putting patients in control of their healthcare journey. PocketHealth is trusted by over 775 hospitals and imaging centers across North America and is used by more than 1.5 million patients. Learn more at pockethealth.com.
About Round13 Capital
Founded in 2013, Round13 Capital is a leading venture and growth equity investment platform based in Toronto, Canada. The firm invests in high-potential companies across a range of sectors, with a focus on supporting their growth and development over the long term. Round13's team of experienced investors and operators bring a wealth of expertise and insight to every investment, helping portfolio companies to realize their full potential. With a commitment to building an enduring 100-year firm, Round13 is dedicated to creating long-term value for its investors and the companies it supports. For more information, please visit round13.com.
