January 16, 2018 By Iris Dorbian
Baltimore-based Tissue Analytics, a provider of wound and skin care solutions, has raised $5 million in Series A funding. DigiTx Partners led the round with participation from Tencent, Dreamit, Molnlycke Health Care, Intermountain Healthcare and Penn Medicine.
BALTIMORE, MD – January 16, 2017 – Tissue Analytics, which provides simple, easy-to-use solutions to increase efficiency and accuracy for wound and skin tracking, has announced a $5M Series A round of financing led by DigiTx Partners with participation from Tencent, Dreamit, Molnlycke Health Care, Intermountain Healthcare, and Penn Medicine.
“We look forward to supporting Tissue Analytics’ vision of providing scalable imaging analytics for healthcare providers and its endeavor to fundamentally change how wound and skin care is practiced,” said David Kim, MD, CEO of DigiTx Partners. “As a digital health fund focused on meaningful uses of data in healthcare, we are particularly excited about Tissue Analytics’ novel application of AI to significantly reduce clinical documentation time.”
Much of medicine is constrained by the quality of data that is available. Certain conditions, such as chronic wounds, burns, and other skin conditions are evaluated using only visual approximation. As a result, traditional solutions used to care for these conditions have relied on guesswork, perpetuating expensive and ineffective treatments. Tissue Analytics brings healing into the 21st century by turning smartphone into a sophisticated imaging platform with its proprietary image analysis algorithms that completely standardize wound documentation, allowing clinicians to make more informed decisions.
“Tissue Analytics plays a very important role in the next phase of health IT innovation, specifically with respect to electronic medical record integrations. We are thrilled to work with industry leaders for our Series A” said Kevin Keenahan, CEO and co-founder of Tissue Analytics. Keenahan said the financing will support the expansion of the sales team in Tissue’s Kansas City office and hiring data analytics personnel in the Baltimore office.
The company is forging new paths in the electronic medical record (EMR) industry. The Company has partnered with several of the largest companies in the space to distribute the product including Epic, Cerner, Allscripts, and athenaHealth.
In addition to the new financing, the company will pitch to a celebrity panel of judges, including Sir Richard Branson next Thursday, January 11, as a Top 10 Semi-Finalist in the Extreme Technology Challenge.
About Tissue Analytics
Tissue Analytics, Inc. develops an EMR module for chronic wound management. The company uses machine learning to speed up clinical documentation workflows and improve the quality of data. Tissue Analytics, Inc. was incorporated in 2014 and is based in Baltimore, Maryland. The company recently opened a satellite office in Kansas City, MO.