London, August 26, 2020 – Hikma Pharmaceuticals PLC (Hikma) announces that its venture capital arm, Hikma Ventures has participated in a CAD4.0 million Series A round of financing for SeamlessMD. The round was led by MEDTEQ, bringing the company’s total funding to CAD7.4 million. Anges Québec, AIoT Health, and health IT entrepreneur Sanjay Malaviya also participated in the oversubscribed round.
26 August 2020
Corporate, Press Release
Toronto-based SeamlessMD is a leader in digital patient engagement and is used by UAB, Rush, Atrium Health and dozens of other leading health systems to engage, monitor, and stay connected with patients throughout a variety of healthcare journeys, including surgery, oncology, and chronic care. Patients can access digital care plans on their smartphones, tablets, or computers and be guided via reminders, interactive education, and progress tracking. Providers receive alerts, monitor patients remotely, and access analytics to deliver better care.
“We have been incredibly impressed by SeamlessMD’s vision, category-leading clinical evidence, and best-in-class technology platform, and are excited to add them to the diverse portfolio of companies we have invested in that are utilizing digital health technology to improve outcomes for patients,” said Hamzeh Abdul-Hadi, Principal at Hikma Ventures. “SeamlessMD has developed a proven model for health systems to improve patient outcomes at scale, and we are thrilled to support SeamlessMD in advancing their mission and expanding into new markets where Hikma operates to improve the quality of care.”
Hikma Ventures operates as the corporate venture capital arm of Hikma Pharmaceuticals. Its priority is to identify and invest in emerging companies in the digital health space globally that have the potential to enhance Hikma’s market intelligence and future pipeline.
“COVID-19 has accelerated the need for health systems to deliver digital care at scale. Since the pandemic started, we have been rapidly assisting health systems to adapt to the pandemic, including new solutions for COVID-19 digital screening, patient education, and digital pre-surgery monitoring to safely resume surgery,” said Dr. Joshua Liu, MD, Co-Founder & CEO of SeamlessMD. “This investment from Hikma Ventures will be critical in enabling us to meet growing customer demand, expand our library of digital care plans and further develop our machine learning platform for risk prediction and optimizing patient outcomes. We are ecstatic to be supported by forward thinking, strategic healthcare investors such as Hikma Ventures who share our belief that the future of healthcare is digital.”
SeamlessMD's financing follows a period of establishing category leadership, having become the first digital patient engagement platform to hold validated, turn-key integrations with leading electronic health record companies Epic and Cerner. SeamlessMD also remains the industry leader in clinical validation, with over 15 clinical studies across numerous specialties demonstrating significant results, including: cost reductions of $1,000-$2,000 per patient; reductions in hospital length of stay by 1-2 days; and reductions in hospital readmissions by 45%-72%.