TrekIT Health Raises $1M Seed Extension, Hires New Executive Chairman
TrekIT Health (HT- ‘18) is a HIPAA compliant and secure, real-time workspace for synthesizing information across EHRs and care teams. Clinicians love TrekIT because of its intuitive and predictive interface which serves as a cure for disjointed information systems and a replacement for paper task lists.
Today, the company announced closing $1M in additional seed financing. The round was led by Tech Council Ventures with participation from Boston Millennia Partners Founders Fund and Front Row Fund, who join existing investors including IP Group, Dreamit Ventures, and Ben Franklin Technology Partners.
With the platform pressure tested by over five thousand users a month across multiple large healthcare facilities, this financing will enable TrekIT to focus on customer acquisition and filling key sales and customer-facing roles as more accounts go online. The company will target a hybrid of acute and post-acute care facilities looking to streamline their clinical workflows and optimize EHR productivity.
Today, we're excited to announce a $1M financing round to help clinicians improve the way they administer care. Read more --> https://t.co/3XV4LnQL2s
— TrekITHealth (@TrekITHealth) July 29, 2020
Market Context
TrekIT Health CEO Subha Airan-Javia, MD points out, “EHRs have traditionally been built to optimize the business of healthcare, which of course, is important. However, with rising levels of clinician burnout and increasing demands on time, particularly now in the setting of the pandemic, it is imperative to provide our frontline workers with tools to enable them to focus on patient care instead of cumbersome administrative work, which wastes multiple hours each day. TrekIT’s unique, clinician-designed platform improves provider wellbeing, helps teams find critical data they need, when they need it, while also increasing revenue for the health system by optimizing documentation workflows.”
Investors echo the market opportunity and Dr. Airan-Javia’s vision for the company. “TrekIT Health offers a novel solution to a problem that healthcare providers are just beginning to allocate meaningful resources toward fixing,” said Tech Council Ventures Managing Partner Jim Gunton. “We not only see the potential for growth with TrekIT, but also the opportunity for long-term, systemic change in the typically slow-moving healthcare industry. We’re looking forward to partnering with Dr. Airan-Javia and helping the company make a difference during the global health crisis we’re now confronted with.”
Technology and Benefits to Clinicians/Care Teams
Clinicians love TrekIT because of its intuitive and predictive interface which serves as a cure for disjointed information systems and a replacement for paper task lists. Interdisciplinary teams have adopted the platform to improve their efficiency and patient outcomes, with three of four users reporting a reduction in preventable medical errors.
Key New Hires
The company is also announcing that Rick Valencia has joined the company as executive chairman. In his prior role as President of Qualcomm Life, Valencia built Qualcomm Inc.’s digital health business, and oversaw two healthcare-focused funds, including the Qualcomm Life Fund and dRx Capital, in partnership with Novartis. For more than 25 years, Valencia has been scaling companies with early traction and driving operational excellence.
“We are thrilled to have Rick join the TrekIT team. His ability to question the status quo and think creatively about how to tackle long-standing challenges in well-developed markets will be an important asset as we bring TrekIT to more healthcare systems,” said Airan-Javia, MD.
About TrekIT Health
TrekIT was created by a team of clinicians and engineers led at Penn Medicine, and has been transformative to clinical workflows across care settings from ICUs to wards, and clinical specialties such as Medicine, Cardiology, Surgery, and more. Originally focused on reducing error-prone and inefficient paper-based workflows, the platform has evolved to provide real-time patient data, streamline documentation, and facilitate team-based care to enable better patient outcomes. In use by over 150 different clinical services and over 5,000 users a month, TrekIT is making patient data iterative and actionable, enabling an environment for collaboration across all disciplines and clinical settings. For more information, visit trekit.health.
By Elliot Levy, Healthtech Associate at Dreamit Ventures
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