AssistIQ, an early-stage medtech startup, has secured $2.5 million CAD in funding for its innovative AI supply intelligence platform aimed at mitigating medical waste. StandUp Ventures led the funding round, which saw participation from N49P, The Kale Fund, and several individual investors, including Kerry Liu, a Rubikloud founder and an investor at Horizon Ventures. The Canada-based startup aims to utilize the new funding to fuel product development and facilitate expansion into additional hospitals. In addition, the company revealed its partnership with the research center of Centre Hospitalier de l'Université de Montréal (CHUM) in Montreal.
AssistIQ is a software firm that uses data and AI to help hospitals and their partners reduce medical supply waste, costs, and carbon footprint without decreasing the quality of patient care and adding extra work. With real-time visibility of supply usage and costs at every point of care, the platform provides easy tracking of disposable supplies and actionable insights to various stakeholders, including clinical, purchasing, supply chain, and finance teams.
“Medical disposable devices and supplies is the largest variable cost a hospital has to deal with after wages,” – outlines AssistIQ’s CEO and one of the founders of the company, Lisa Israelovitch. “In some cases, it’s clinicians making more efficient decisions, and in some cases it could be procurement that’s actually altering their quantities.”
Israelovitch commented that all investors acknowledge AssistIQ's well-rounded team, which includes expertise in both technical and business aspects. The company's vision was initially conceptualized through a prototype and study led by Dr. Moishe Liberman, a thoracic surgeon trained at Harvard and the head of CHUM's Technology Innovation and Development Lab.
Currently, the team comprises ten full-time employees and six advisors and consultants. The innovative technology is already operational in four hospitals across Canada and the United States. AssistIQ is dedicated to making healthcare more affordable and sustainable for all.