Bryn Mawr health IT company Noble.MD raises $1.45 million - Technical.ly Philly

Growth

Bryn Mawr health IT company Noble.MD raises $1.45 million

The round was led by Safeguard Scientifics and BioAdvance.

Todd Johnson, CEO of Noble.MD.

(Courtesy photo)

Correction: The funding round was announced Tuesday, May 17. An earlier version of this report said it was announced Monday. (5/19/16, 11:44 a.m.)

In order to commercialize its latest duo of health IT products, Bryn Mawr-based Noble.MD announced Tuesday it closed a funding round of $1.45 million.

Safeguard Scientifics and BioAdvance, local venture firms, made the investment alongside angel investors Howard Horn, Ron PiervincenziBen Snedeker (a Noble.MD employee) and Todd Johnson, the company’s CEO.

Noble.MD’s flagship platform, Theo, is a digital healthcare advisor platform to help patients identify health and behavioral risks. Doctors hand the system to patients on an iPad and the system guides them through an individualized “Patient Journey,” gathering data on them, their health risks and potential hurdles with every encounter.

The funds from the investment round will support the commercialization of two initiatives that operate within the Theo platform: one that will help expedite annual wellness visits for medicare patients; the other is a solution that gathers information on hip and knee surgeries for healthcare providers.

“The major use of these funds will be on commercializing both products,” Johnson said. “We already have clients using them and our plan is just to ramp this up.” Johnson added that the company is working on a number of potential client deals with large companies.

Shahram Hejazi, venture partner at BioAdvance, said the investment in a company like Noble.MD is geared toward helping them grow. Traditionally, BioAdvance has invested in life science organizations instead of health IT.

But something changed.

“Two and half years ago, we made a strategic decision to start investing in Health IT both because of diversification of portfolio and because it’s an attractive sector for investment that is synergistic with our backgrounds and capabilities,” Hejazi said via email. “During this short time we have made 6-7 investments in Health IT.”

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