Henry Ford Branch Receives $ 3.2 Million Venture Capital Support

We are thrilled to have you on our site. If you enjoy the post you have just found kindly Share it with friends.

Henry Ford Branch Receives $ 3.2 Million Venture Capital Support

Based on Henry Ford’s healthcare system, Navv Systems Inc. is committed to leveraging its $ 3.2 million seed round of venture capital to strengthen its line of healthcare systems focused on better tracking equipment and personnel, and improving patient and guest care. … navigate complex objects.

The first round of institutional investments for Navv Systems was led by renowned healthcare venture capital firm Arboretum Ventures of Ann Arbor, Michigan, and was attended by Detroit Venture Partners and Narrow Gauge Ventures, also from Ann Arbor.

As a trained physician, Navv Systems CEO Dr. Daniel Sigal said he knew firsthand the frustration of finding the right equipment or hospital staff in large facilities.

“There is a ton of frustration when we don’t know where the things we need to help are located,” Segal said.

“It could be people, it could be equipment, or it could literally just find your way through a large, complex building. And if you’ve spent any time in the hospital, you’re probably lost or know someone who’s lost. and when people are late for appointments, there is a snowball effect that causes all sorts of problems … for patients, healthcare providers and healthcare systems. “

Navv Systems technology, licensed to the company in 2019, was first conceived by Henry Ford, Detroit’s healthcare development and commercialization team. This technology is used in all six Henry Ford hospitals and is used for patient transport, housekeeping and delivery to the central pharmacy.

“We’re really excited about the advanced functionality NavvTrack provides for hospitals,” said Dr. Richard “Chip” Davis, Henry Ford’s senior vice president of health care and general manager of Henry Ford South Market and Henry Ford Hospital. emailed the statement to Crain’s. “This has increased efficiency and made more efficient use of hospital resources such as patient transportation and cleaning services, equipment utilization, and visitor navigation across all five of our emergency hospitals.”

In addition to being the co-founder and CEO of the company, Segal is the Vice Chair of Radiology at Henry Ford Health System and has a background in computer science.

Another co-founder and CTO of the company, Paul Zieske, has a background as a health information technology engineer.

Navv Systems forecasts revenues of about $ 500,000 or more this year, and expects that figure to triple next year. According to Segal, the company has five employees, and in the next 12-18 months their number will grow to 10-15 people.

Segal said Navv Systems aims to rely on a “mix of technology” and is working with Apple Inc.’s indoor positioning system, which tracks the hospital floor plan. Current tracking technologies, such as radio frequency identification or RFID, have traditionally been very expensive to scale up in hospitals, Segal said.

Recognizing the high competition in the medical device tracking sector, Segal said Navv Systems aims to differentiate itself by offering a single platform. In terms of competitors, the CEO points to companies like Connexient Inc. and AerosScout Industrial.

“If you tried to do this with some of the other existing tools, you would have to have separate solutions that do not necessarily interact or interact well with each other,” Segal said.

The CEO added that since the company is focused on software rather than hardware, the platform could be up and running in a hospital in a matter of weeks.

In addition, Segal said Navv Systems relies on what he calls a “responsive web application” for patients and visitors using the company’s service on their mobile devices to navigate the hospital complex. According to him, this means that the person does not need to worry about trying to download a new mobile application when entering the institution.

Brian Peters, CEO of the Michigan Health & Hospital Association, said the need to modernize the healthcare supply chain has skyrocketed in recent years as more healthcare systems integrate with thousands of employees and equipment across multiple facilities.

“A few years ago, health care in Michigan in particular consisted mostly of independent hospitals that had no relationship with other hospitals and skilled nursing facilities,” Peters said. “It looks very different today. There are a number of large integrated health systems that span a large region or even several states. We are now much more advanced than ever before in healthcare. Not just supply chain management. But also how we deploy staff. In recent years, this has become a completely different view. “

Supply chain management is the most important area of ​​the industry, he said.

“Making sure you have the right people, the right equipment and supplies, in the right environment and in the right amount, is paramount right now,” Peters said. “We work around the clock, seven days a week, 365 days a year, and we don’t know every minute who is going to walk through the hospital door and what services they will need.”

Life sciences and healthcare startups accounted for 40 percent of Michigan venture dollars in the past year, according to the latest research report published by the Novi-based Michigan Venture Capital Association.

As part of the deal with Navv Systems, Arboretum Ventures Managing Partner Tim Petersen will join the company’s board of directors.

“We were very impressed with the complexity of the Navv technology and the early customer acquisition that Dan and his team have achieved,” Petersen said in a statement. “Navv is another prime example of clinician-led innovation coming from a world-class organization like Henry Ford to address an important and urgent health problem.”

This story first appeared in our sister publication Crain’s Detroit Business.
Crain Senior Reporter Dustin Walsh contributed to this report.

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of Algulf.net and Algulf.net does not assume any responsibility or liability for the same.

Leave a Comment