MedStack, a privacy and security compliance solution for healthcare apps, today announced it has raised a $2.4 million in seed funding. The seed round was led by TELUS Ventures, with participation from ScaleUP Ventures and Panache Ventures. Existing investor Ontario Centres of Excellence and several existing angel investors also participated in this round.
The TELUS Ventures investment into MedStack represents a strategic synergy between MedStack’s growing reputation as an enabler for digital health companies in Canada, the US and elsewhere; and TELUS’ strong leadership in both delivering innovative digital health solutions across the healthcare ecosystem, and collaborating with industry partners through the TELUS Health Exchange (THX) platform.
The company plans to use the seed funding to improve channel development for the recently-launched MedStack Control, a system that brings real-time hands-on infrastructure control and more flexibility for client companies, as well as to expanding the engineering, sales and support teams to enhance and support the platform’s capabilities, and towards earning additional third-party security certifications and attestations.
“Entrepreneurs bringing apps to healthcare are doing important work in technology, often inspired by their own personal experiences to make health management and care delivery smarter and better”, says Balaji Gopalan. “For too long, developers have struggled because of the challenges of onboarding to the industry’s stringent requirements and proving compliance over time, while maintaining technological creative freedom. We’ve solved that.”