New York Digital Health Accelerator Hosts Its Second Class Demo Day

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The New York Digital Health Accelerator hosts the culminating demo day for its now graduated second class of startups. The event gave a room full of New York-based investors and healthcare executives an opportunity to meet the startup founders, and see what they’ve been working on. The hope is that local VCs will come with their checkbooks, be impressed with what they see, and commit capital toward the startup’s next funding round. While its rare that an investment agreement would take shape during the actual demo day, the event provides key networking opportunities as they work to fill out their seed or Series A rounds. Beyond investors, tech-savvy healthcare executives represent potential future customers or pilot site prospects.

Collectively, the seven startups graduating from the program presented findings from 16 pilot programs that they designed and carried out during the five-month accelerator program. To support their work, the New York Digital Health Accelerator invests between $100,000 and $200,000 in each startup, depending on their immediate goals and needs, and pairs them with local hospitals, community health centers, and primary care offices, where they are able to validate both the technical approach they have taken to solve the problem at hand, and also the viability of their business model.

Having only graduated one class so far, the New York Digital Health Accelerator does not have an extensive track record to validate its approach to launching startups. However, its inaugural class, which consisted of only eight startups and which just graduated in May 2013, has already raised an impressive $25 million between them, and two of the startups were acquired within six months of graduating from the program.

This year’s participants include:

  • AllazoHealth – AllazoHealth is also a Blueprint Health 2012 graduate. The predictive analytics company is tackling medication adherence and marketing to ACOs and payers.
  • Clinigence – Clinigence provides transformational clinical business intelligence that empowers healthcare providers to successfully transform from volume to value-based payment through real-time measurement of clinical quality, patient outcomes, and total cost.
  • Covertix – Covertix has already raised $5.2 million, including a $3 million Series A that it secured prior to starting the New York Digital Health Accelerator program. Covertix is working on data security in healthcare that allows organizations to securely access data on and off the network.
  • IQuartic – iQuartic launched in 2010 and is building a cloud-based data mining tool that allows hospitals to consolidate and analyze data from disparate sources. The company raised its first funding, a $450,000k venture round, in November of this year.
  • Noom – Launched in 2007, Noom has raised over $12 million including $7 million in its February 2014 Series A round. Noom develops a health and wellness app that offers exercise coaches and nutrition support.
  • Quality Reviews – Quality Reviews builds proprietary software to help providers capture and analyze patient feedback.
  • Sense Health – Sense Health raised a $2 million seed round in January 2014. The company is building a mobile care management platform that engages patients through interactive care plans.

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