Vertical players:
With 25% Of U.S. Doctors On Board, QuantiaMD Lands $12M To Become The LinkedIn For MDs
Rip Empson
TechCrunch
October 30, 2012
QuantiaMD, one of a growing number of companies attempting to build the LinkedIn for the medical community, today announced that it has raised $12 million in venture financing from Fuse Capital. The expansion round is the company’s largest raise to date and brings its total outside investment to $27 million.
When it comes to broadly inclusive professional networking, LinkedIn takes the cake. Yet, while people in just about every industry use LinkedIn as a place to share their professional history and bring their resume online, it’s not necessarily where the majority of your professional activity is taking place.
For many industries today, the conversation is increasingly taking place in vertical destinations that are more relevant to the needs of their particular professions. For engineers, it might be GitHub or StackOverflow, for designers, it could be Behance or Dribbble. The same is true for physicians and health professionals.
Like other industries, there’s a growing demand in healthcare for a community where doctors and other medical professionals can go to share their work history, collaborate on treatments and diagnoses and get to know their colleagues. The demand has given rise to sites like Sermo, Doximity and QuantiaMD, among others. In September, Doximity raised $17 million from Morgenthaler Ventures to support its own spin on LinkedIn for doctors, a network through which physicians can collaborate on patient treatment and find the best destination for patient referrals, for example.
As Doximity’s raise makes evident, there’s plenty of competition for the newly-capital-flush QuantiaMD — and plenty of investors willing to bet that this model (or some variation thereof) has plenty of legs.
However, there are a few places QuantiaMD could have an advantage on the competition, starting with size and experience. The company was initially founded back in 2005 and has grown to over 80 employees. On top of that, the company recently hired a new CEO, Mike Coyne, who joined the company from Verisk Health in August, a medical analytics company that he help build from a few million to over $200 million in annual revenue.
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