AcuityMD, a technology provider for the medical technology (medtech) sector, has raised $45m through a Series B funding round.

The round was led by ICONIQ Growth, with contributions from Atreides Management, StepStone Group, and existing investors Redpoint Ventures, Benchmark Capital, and Artisanal Ventures.

The proceeds will be used by AcuityMD to expand its commercial intelligence platform and accelerate the adoption of medtech.

Since its Series A round in 2022, the company has seen its annual recurring revenue surge by tenfold. It has so far raised more than $83m.

ICONIQ Growth has a wealth of experience in investing in vertical software companies such as Procore, ServiceTitan, Benchling, QGenda, and Komodo Health.

Its healthcare advisory council boasts executives from renowned institutions such as Johnson & Johnson and Cleveland Clinic.

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ICONIQ Growth partner Tengbo Li said: “AcuityMD is a market leader in commercial MedTech software with powerful data and prospecting insights that have elicited positive customer feedback.

“AcuityMD’s innovative platform is reminiscent of other transformative, vertical-specific platforms that we have supported. We believe that there are also exciting opportunities to extend into other product areas and expand the value proposition, and ultimately for MedTech companies to use AcuityMD as their complete commercial operating system.”

Founded in 2019, AcuityMD is now supporting more than 200 medtech manufacturers, including six of the industry’s top ten, with its commercial intelligence platform.

Its platform offers a comprehensive analysis of healthcare data such as physician procedural volumes, product preferences, sites of care affiliations, and peer networks. It also provides referral patterns into intuitive workflows and recommendations that align with the medtech industry’s commercial process and transform them into actionable insights for sales and marketing teams.

This has led to a significant 25% sales growth for the most active sales representatives and has generated more than $10bn in potential sales opportunities.

AcuityMD CEO and co-founder Michael Monovoukas said: “We are fortunate to work with fantastic financial partners, as well as experienced medtech industry executives who broaden the perspective of our customer advisory board.

“With this additional capital, we aim to launch three new products to general availability, expand our pipeline management solution to more customers, and grow our engineering and product teams by 70% by the end of 2024 to support our mission of accelerating the adoption of cutting-edge medical technology.”

Last month, medtech manufacturer FEMSelect utilised AcuityMD’s platform to fast-track the engagement of US physicians specialising in pelvic floor disorders.

This collaboration is expected to facilitate FEMSelect’s entry into the US market.