Indy venture company invests in medtech platform
INDIANAPOLIS (Inside INdiana Business) – Indianapolis-based Allos Ventures is the lead investor in a $1.5 million funding round for a Pittsburgh-based medical software provider. Rimsys Inc. says it will use the funding to expand its product offering, as well as its sales and marketing efforts.
Rimsys says its software platform integrates with the existing systems of various medtech manufacturers and enables them to meet market entrance requirements and grow internationally.
“Complex regulatory challenges create barriers that delay product time-to-market, stall revenue growth and increase exposure to compliance risks for even the most experienced MedTech companies,” said James Gianoutsos, founder and president of Rimsys. “Regulatory teams are in need of digital solutions that provide more efficient and compliant ways to commercialize their products worldwide.”
As a result of the funding round, Allos Ventures Managing Director John McIlwraith will join the Rimsys board of directors.
“The maze of global regulations covering medical technology is growing more complex and frequently results in dead ends and delays that can greatly impact commercialization of these products,” said McIlwraith. “This financing round will enable the company to further accelerate its momentum with large enterprise customers.”
Rimsys serves customers such as Johnson & Johnson and Terumo. Allos Ventures invests in early-stage technology companies based in the Midwest, focusing on B2B software companies at a Series A or B stage.