AssistIQ, a Montreal, Canada-based medtech startup that developed an AI supply intelligence platform to reduce medical waste, raised CAD 2.5 million in funding.
The round was led by StandUp Ventures, with participation from N49P, The Kale Fund, and several individual investors, including Kerry Liu, founder of Rubikloud and an investor at Horizon Ventures.
AssistIQ plans to use the new funding for product development and expansion into new hospitals. The company also announced its partnership with the Centre Hospitalier de l’Université de Montréal (CHUM) research center in Montréal.
The company’s proprietary artificial intelligence-powered automation solution provides hospitals with real-time data capture at the point of use, allowing them to make data-driven decisions about medical disposable utilization.
AssistIQ is focused on the operating room and common procedures, so areas such as endoscopy and catheterization labs. Its software works in the operating rooms, for example, to help doctors and nurses understand what is being used to reduce waste at different levels.
Raised: CAD 2.5M
Funding Month: March 2023
Lead Investors: StandUp Ventures
Additional Investors: N49P, The Kale Fund, and Kerry Liu
Company Website: https://assistiq.ai/
Software Category: AI Supply Intelligence
About the Company: AssistIQ is a software company that leverages data and AI to assist hospitals and their partners in reducing medical supply waste, costs, and carbon footprint. It delivers supply intelligence to health systems, reducing waste and carbon footprint without impacting patient quality, with no added work. The company's platform delivers real-time visibility of supply usage and costs at the point of care for every procedure. AssistIQ’s software platform provides seamless tracking of disposable supplies while providing actionable insights to multiple stakeholders, including clinical, purchasing, supply chain, and finance teams. The company is on a mission to make healthcare more affordable and sustainable for everyone.