Mytonomy pulls in $7 million in first funding round to boost patient outcomes
Backed by Philips Health Technology Ventures and MedStar Health, cloud-based healthcare startup Mytonomy, which aims to boost patient outcomes, has closed on $7 million Series-A funding round.
The Bethesda, Maryland-based company, which launched in September 2016, is working with Medstar Health in the nation’s capital. In testing its microlearning software platform with 300 cardiology patients, nearly 90 percent completed the education modules.
As CEO Anjali Kataria explains it, Mytonomy’s platform is designed to drive benefits for multiple stakeholders, including patient activation, improved patient outcomes, family and staff satisfaction, decrease labor costs, and increase top-line growth by delivering a data-driven, personalized patient experience across the care continuum.
Rich Wilmot, who heads Philips Health Technology Ventures, sees Mytonomy as having strong traction in the market as hospitals achieve high satisfaction from patients who use the company’s cloud-based patient education system to learn more about their condition and their care.
Philips and Mytonomy plan to marry unique data sets such as patient-reported outcomes and clinical metrics to drive better clinical outcomes, while also enhancing the patient experience, and driving down inefficiencies and cost, Wilmot added.
MedStar Health is also an investor as is Super Angels, including George John, co-founder of Rocket Fuel and an artificial intelligence thought leader, and Gokul Rajaram, head of product for Square and a former Facebook and Google executive.
Mytonomy’s patient education, engagement, and experience platform spans the care continuum from pre-arrival, procedure preparation to inpatient admission, discharge instruction, at home care, and ambulatory clinic visits.
“Nurses call Mytonomy their virtual assistant and health systems can ensure that regardless of which ‘door’ their patients come through into their system, they will receive a similar patient experience,” said Kataria.
Mytonomy delivers personalized content directly to patients on any device, noted Vinay Bhargava, Mytonomy’s co-founder and president. Bhargava added that the company has invested heavily in bringing user-centric design principles to healthcare, which has led to very high patient adoption. “Mytonomy can do this at scale using the power of mobile, cloud software, good user centric design and data analytics,” he said.
Members of the Philips Health Technology Ventures team will join the Mytonomy Board.