Google Inc. Glass Startup Augmedix Nabs $16 Million
Glass at Work Partner, Augmedix, leads the way in bringing wearable tech to healthcare
SAN FRANCISCO, Jan. 12, 2015 /PRNewswire/ -- Today, Augmedix announced that it has received $16 million in Series A venture funding. The round was co-led by the company's seed investors Emergence Capital and DCM Ventures. Augmedix has received $23 million in total venture funding to date. The company will use the funding to expand operations, fuel product development, and establish new partnership initiatives.
Powered by Google Glass, Augmedix reclaims the hours physicians spend daily entering or retrieving data from electronic health records, freeing them to focus on patient care. The service has a nationwide patient acceptance rating of more than 99%.
Since its founding in 2012, Augmedix is helping customers in 10 states based on pent-up demand from outpatient doctors who want to employ the solution. Five national health systems, including Dignity Health, the nation's fifth largest healthcare provider, have engaged Augmedix. The company has more than 100 employees in offices worldwide, with 80 in its San Francisco headquarters facility, and plans to significantly expand its workforce in 2015.
"This new round of funding demonstrates that Google Glass is thriving in the enterprise space, particularly in healthcare," said Ian Shakil, CEO of Augmedix. "Demand for and reaction to Augmedix have been extremely strong and positive. We're proud to be making a real difference in patient satisfaction, doctor satisfaction, and health record accuracy. In terms of economic impact, we've repeatedly shown that our service effectively turns three doctors into four."
Said Kevin Spain, Augmedix board member and general partner of Emergence Capital, "Over the past decade, startups have created immense value by providing enterprise customers with disruptive cloud-based services. Looking ahead, we expect the next wave of explosive value creation in this space to stem from enterprise-focused startups helping customers adopt mobile and wearable solutions. Augmedix is leading the charge in wearables for business and is focused on the large and lucrative U.S. healthcare space."
Emergence Capital has a strong investing track record in the healthcare technology market. Spain sits on the boards of several leading healthcare IT companies including Doximity and Welltok and previously was a board member at publicly-traded Veeva Systems.
Peter Moran, general partner of DCM Ventures and Augmedix board member, added, "Augmedix is addressing a profound pain point, which grows more acute everyday as widespread EHR adoption is spurred by government mandates for 'meaningful use.'"
Moran serves on the Board of El Camino Hospital. His firm, DCM Ventures, has invested in other wearable innovations such as Athos and Basis Science as well as pioneering the first venture fund dedicated to the Android ecosystem.
Augmedix was founded with one core belief: technology can free physicians and allow them to focus on what they do best: taking care of patients. Since creating the Augmedix solution in 2012, Augmedix has grown to more than 100 employees in offices worldwide, and has plans to exponentially expand its workforce in 2015. The company has commercial operations in 10 states, with five national health systems in the U.S. using the Augmedix solution.