00:00:00 Logan Bartlett: Mike Monovoukas. Did I say it right, Mike? I always get it wrong.
Mike: Yeah. Monovoukas yeah.
Logan: I'll try it one more time. Hi, this is Logan Bartlett. I am a partner with RedPoint ventures and I am here today with the founder and CEO of our latest investment. Mike Monovoukas, who is the CEO of acuity MD. We wanted to do a little bit of a different style rather than just doing a blog post about why we invested in you all and give people an opportunity, uh, to hear both from you and from me, maybe take it from. Tell us a little bit about Acuity MD.
00:00:28 Mike: Acuity MD is a software and data platform that accelerates access to cutting edge medical technologies. So we're only focused on the medical technology space or the medical device. My background is I started my career as a medical device entrepreneur and have spent the majority of my career since then, you know, across software and, and, and commercial strategy for healthcare companies. We launched our first commercial product back in 2020, right at the start of the pandemic. And we built a targeting and CRM software that helps med tech reps identify and predict new opportunities for their products. All of us are familiar with healthcare. Uh, especially after the last year, uh, we're familiar intimately with the shortcomings and the aspirations that we have to build a better healthcare system, at least in the US, but not many of us are familiar with the med tech space. We want really big things out of our healthcare system, like value based healthcare, personalized medicine, surgical robots, AI machine learning. Instead, we got 140 instruments in a surgical tray. That's the reality on the ground with, uh, the medical technology at, at play in, in the operating rooms that, uh, surgeons are using to care for our local there's extreme product complexity in the med tech space. And our job is to simplify, make it easier to commercialize those products and make it easier for those products, those innovations to get in the hands of the right surgeons by use on, on patients to improve their quality of. Our investment thesis in some ways was really, uh, simple. And, and in other ways, uh, a long time coming and, uh, involved a lot of work.
Mike: The simple side of it is we met three amazing founders who were going after a very underserved market that exists at, uh, the intersection of some of the themes that we spend time around. Software in general, as well as new uses of, of healthcare data. And so what we found is that this market was surprisingly large as we dug in and looked at medical technologies and the, the opportunity to service that industry with software and, uh, starting with sales prospecting, moving into different types.
Sales enablement and prospecting workflow. And then ultimately building out functionality around CRM. It was a really compelling opportunity with a compelling set of founders. We had done a bunch of work in advance and just heard such consistent. High marks from people in the industry that we knew be it existing customers of acuity or potential prospects, or just people that were smart in the industry said that the approach and the thoughtfulness that the team had was the right way of servicing the market.
And then I think what we found as we got to know the team in a little bit of a bridge timeframe, we, as we spent time with them, we just saw. They've been able to do so much in a really efficient way. So at the time that we invested, I don't believe that there were any sales reps on the team. It was all founder led sales, and they were able to get to 25 customers on the product already.
And these are not small kind of ACV deals. These are, uh, meaningful customers. And so I think as we peeled back the onion and started to do a little bit of analysis, we had heard. Things from the outside in, and just looking at how successful the company had been without consuming much capital. It actually just made it a pretty easy decision for us to lean in and invest.
And we were fortunate enough to, to win the opportunity to work with the team. And it's been a, it's been an amazing journey so far.