Hoboken-based digital health care platform Noteworth received $5 million in a seed funding round led by Laconia Capital Group.
Draper Associates, Frontier Ventures, Techstars Ventures, Wavemaker360, Springtide Capital and others participated in the funding round. The money will be used to expand operations of Noteworth’s digital medical technology and allow it to make necessary hires to meet a growing demand from health care providers and patients.
Noteworth aims to enhance patient engagement by providing clinicians with tools to communicate directly with patients through video, chat and push notifications. The platform helps reduce medical costs by decreasing both readmissions and the use of high cost services due to timely intervention.
Noteworth will also help clinicians obtain new reimbursements to generate additional income for new streams of revenue, the company said in an announcement.
“The positive response and support of our strategic investors reflects a shared belief that digital medicine is the future of health care delivery,” said Justin Williams, co-founder and chief executive officer of Noteworth, in a statement. “With this new round of funding, Noteworth will continue to establish our ability to quickly and efficiently help health care providers launch our digital medicine technology platform offering to better serve their patient populations remotely.”
Laconia Capital Group Managing Partner David Arcara called Noteworth “a rising star” in digital medicine.
“Their ability to provide unprecedented health care data collection, assessment and proactive intervention across all current digital health care information silos, consistent with our investment thesis focused on digital workflow transformation, is what prompted our investment in this critical technology that is modernizing health care delivery. Laconia invests in companies that pioneer the digital transformation from legacy software and manual workflow processes into 21st-century cloud-based platforms,” Arcara said.