NotiSphere provides an innovative digital platform that directly connects medical device suppliers and healthcare organizations, allowing for real-time communication and management of medical device recalls.
FREMONT, CA: Regardless of the technology used by providers and suppliers today, the recall process is still paper-based, making it slow and unreliable. Furthermore, recall notices may not reach their intended recipient or may be delivered to the wrong person within the hospital. The result is that patients are put at greater risk. In addition, the number of medical recalls and affected units grows each year, exacerbating the problem. NotiSphere changes all this by establishing direct connections between suppliers and providers to communicate recall-related information in real-time, cutting the time it takes a hospital to be notified of a recall by 99 percent, eliminating repeat and duplicate notifications and false positives, and significantly lowering patient risk.
NotiSphere, a healthcare technology startup that connects suppliers directly to recall coordinators at healthcare organizations, declared a $3.6 million Series Seed round led by Royal Street Ventures, with participation from Okapi Ventures, Stage Venture Partners, Revolution's Rise of the Rest Seed Fund, Coelius Capital, Supernode Ventures, and Cedars Sinai Health Ventures.
Notisphere has now raised a total of $5.9 million in funding. NotiSphere, which was launched in early 2020, is the only solution that addresses the challenges that both providers and suppliers face when communicating recalls, eliminating paper from the process and reducing the number of alerts that need to be reviewed by providers by up to 95 percent.
"By creating the right connections, we simplify the current recall alert process, which today is a source of frustration for both suppliers and healthcare provider organizations", said Guillermo Ramas, Founder and CEO of NotiSphere. "A single, connected platform turns it into a much easier process, saving hundreds of hours for the providers, shortening the time it takes a supplier to communicate to all affected locations and giving everyone exponentially more visibility into the entire process by allowing two-way real-time communications."
"With the number of recalled units increasing significantly each year, it is crazy that the healthcare industry is still using a paper-based process. We have experienced firsthand the increased patient risk that can occur because the information is delayed in getting to the correct person", said Mike Vintges, Senior Vice President of Strategic Sourcing at Azura Vascular Care. "Using NotiSphere to receive electronic alerts and directly connect the suppliers to our organization solves the challenges of the current healthcare recall process. We are asking our suppliers to embrace this innovative technology."
The latest round of funding will support NotiSphere's hiring efforts to broaden adoption across the industry and enable scalability to support the rapidly growing number of users.