It is with great enthusiasm that we announce the closing of our newest portfolio company, Noteworth, a first-of-its-kind digital healthcare platform for modernizing digital medicine delivery operations. Noteworth’s innovative cloud-based, HIPAA-compliant platform provides unprecedented healthcare data collection, assessment, and proactive intervention for remote patient monitoring, with a focus on patient engagement. We led the $5m oversubscribed financing round with participation from Draper Associates, Frontier Ventures, Techstars Ventures, Wavemaker 360, SpringTide Investments, and others.
Our investment into Noteworth is a prime example of Laconia’s approach. We first met Noteworth’s co-founder & CEO, Justin Williams, last fall and were immediately impressed. An electrical engineer by training, Justin served as a submariner for 5 years, won 3 Navy Achievement medals, and led a few innovative tech teams for cutting edge companies. Plus, he’s not afraid to get his hands dirty; he grew up on a hog farm in southern New Jersey. Confident, driven, and very down to earth - Laconia ethos to the core!
We were fortunate to meet Justin through our fellow investor David Cremin at an early enough stage to allow for a long-term relationship-building period. From the very start, it was clear that the company is solving a huge and high pain-point workflow problem for healthcare systems: costly on-going patient care with constrained bandwidth. Hospitals and clinics are stretched to a near breaking point with antiquated technology and manual patient care processes. Just the kind of problem Laconia seeks to help solve.
We were in the home stretch of our due diligence when the pandemic broke out. Noteworth’s inbound customer leads exploded, as it became immediately apparent that Noteworth provided an elegant and accessible solution for the oncoming unprecedented demand facing health providers. Interestingly, many of these leads were not specific to COVID-19 care, but in response to the pandemic waking up the otherwise conservative healthcare industry to their costly provider bandwidth problem. This problem could no longer be ignored.
The combination of accelerated customer demand and investor excitement for digital health companies led to an increase in the round size from $3M to $5.75M. With this war chest, the company is well positioned to continue onboarding and servicing its influx of new customers. We could not be more excited about this investment and look forward to helping Justin, Nishant, and their team build one of the leading healthcare management platforms.
For more details, check out their features in Yahoo Finance, Vator, and Crunchbase.