Medinas Closes $5M in Seed Funding Led by NFX, builds a Used Equipment Marketplace

By StartUp City | Thursday, October 24, 2019

Medinas, an asset management company for hospitals, raises $5 Million for developing a platform for re-sale of Medical equipment. 

FREMONT, CA: Medinas, an asset management company for hospitals, closes its oversubscribed seed funding round presided over by NFX. Several other investors also participated, including Precursor Ventures, Sound Ventures, FJ Labs, and Bryan Frist. 

Hospitals have been slow in adopting problem-solving technologies due to its daunting nature and high costs. Even today, several hospitals in the United States are using spreadsheets to organize its inventory of medical equipment, resulting in misplaced equipment and millions of wasted dollars. In the U.S. market alone, there are 6,200 hospitals, 9,200 ambulatory surgery centers, 166,000 dental clinics, and 7,000 imaging centers. 

Medinas has taken up the task of transforming healthcare IT by augmenting hospitals with a cloud-asset management platform. The platform will equip hospitals with user-friendly software to track and sort through assets while allowing them to re-deploy, sell or donate unnecessary medical equipment easily. The seed funding will be used to widen Medinas sales and hire software development professionals to enlarge and enhance the hospital's asset management capabilities. Medinas is working on new software that features inventory management, fully prepared redeployment, and equipment maintenance management. 

Modernizing the Legacy Healthcare IT Equipment In Hospitals:

Medina's software empowers healthcare providers in three crucial aspects: 

1. Respects the existing capital equipment with relation to Medinas Price Book to make informed decisions about utilizations. 

2. Re-deploy and track equipments to various other hospitals and medical care centers within its systems. 

3. Swiftly, safely, and simply re-sell or donate, even recycle the used equipment to help the healthcare providers recover billions in value. It gives smaller hospitals access to the pre-owned equipment, which they wouldn't be able to afford. 

Being based in Berkeley, California, Medinas is a startup driven by technology inspired management platform, which helps health care organizations of all sorts to re-sell and re-deploy the pre-owned medical equipment and supplies. 

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