Medical Device Innovation. Prototype Helps Secure Series A Funding For IoT Startup
Our client sought regulatory approval for an early-stage medical device that integrates unique sensors with IoT technology to deliver passive, in-home health monitoring.
ITX guided our client’s product team through a Product Innovation Workshop to establish stakeholder alignment, confidence, and commitment around their shared vision and roadmap priorities. Together, and with a sense of urgency, we adjusted the product scope and explored its long-term architecture, API service design, and workflows while guiding user management inside the device’s ecosystem.
ITX devised and executed a rapid deployment product strategy that accelerated the device’s push into clinical studies. Our future-forward product leadership helped the client secure significant Series A funding from a Tier 1 venture capital firm.
Meet the Client.
Our client is an early-stage startup that formed out of groundbreaking research performed at a prominent university. They are bringing a transformative vision to healthcare by delivering IoT technologies that shift the healthcare delivery paradigm and change the way healthcare is managed.
Objective.
Unite the full product team around the client’s product vision. Prioritize, then execute, the agreed-upon product roadmap. Generate the VC funding needed to advance the device through clinical studies and, ultimately, full regulatory approval.
Challenge.
- Time constraints abbreviated development lead time as our client sought additional investment in pursuit of full FDA approval.
- The product team required additional resources to calibrate the device’s sensor readings and submit them to the cloud-based algorithm.
- Working in parallel, the joint team needed to make progress against three discrete focus areas – Calibration, Provider, and Architecture/API.
Action.
- ITX’s design team adopted a rapid prototyping mindset, which provided the tools our client needed to deliver interactive presentations during fundraising efforts.
- The team’s inclusive design approach enabled support for a diverse range of patient- and administrator-users throughout the device’s product suite.
- ITX solutions architects provided scalable vision for the product architecture and defined API specifications to generate the code necessary to interact with those specifications.
Performance.
Early-stage Development.
- The Calibration app delivered core functionality that furthered the device along the path to full regulatory approval.
- ITX UX designers created a prototype that revealed an authentic user experience and inspired an initial round of VC investment.
- A well-defined and properly documented API accelerated development and reduced costs related to platform scalability and extensibility.
Result
- ITX designers created a rapid prototype of the device’s user experience, which helped our client secure Series A funding from a Tier 1 venture capital firm.
- ITX development resources helped optimize the product team’s agility and flexibility as the platform evolved and prepared to meet the needs of patient- and administrator-users.
