MedShift’s technology and business model is unlike anything seen before, and it's exciting to be at the forefront” says CEO Brian Phillips.
CHARLOTTE, N.C. (PRWEB) April 06, 2021
Medical technology company MedShift has announced the completion of their first round of equity funding raising $8 million at a post money valuation of $150 million, which makes it one of the fastest growing Charlotte based companies to reach the $150 million enterprise value milestone. The new funding will be used to continue to grow its presence in the enterprise software segment of the medical technology market.
“We look forward to utilizing this opportunity to further establish MedShift as a leading medical technology innovator. The world is embracing medical aesthetics more than ever, so the new investment will be a valuable asset as MedShift continues to move the needle in the industry. MedShift’s technology and business model is unlike anything seen before, and it's exciting to be at the forefront,” says CEO Brian Phillips.
Demand for MedShift’s products and services has escalated tremendously in recent years with the fully integrated B2B eCommerce & Payments platform exploding 740% in the prior year and recurring device consumable volume posting an increase of 282% over the prior year. After finishing 2020 as the 15th fastest growing health company in the US Inc 5000 ranking, MedShift expects revenues to surpass $21 million in 2021.
MedShift’s portfolio has grown immensely since its founding in 2015 and currently spans over thirty devices, four sister brands, and more than 400 partner practices across North America. Aside from MedShift’s lengthy medical technology device portfolio, the enterprise software division has seen tremendous growth with new integrations to Oracle, SAP, Microsoft, as well as other financial platforms. Some of the largest medical manufacturers in the world now leverage MedShift enterprise software for seamless fully integrated payment facilitation and digitized product ordering. The purposeful focus on medical aesthetics has proven invaluable to product adoption velocity.
About MedShift
MedShift, founded in 2015 in Charlotte, NC, delivers a platform as a service to both medical device manufacturers as well as individual medical practices. Foundationally, MedShift enables access to the latest devices and technology to remain competitive and attract new business. MedShift has partnered with over 400 doctors in North America, Australia, and New Zealand to give practices the latest in cutting-edge treatment modalities, services, and systems.
MedShift is disrupting the traditional aesthetic device market by offering permanent placement, holistic subscription services for surgeons, physicians, and their business. MedShift’s broad portfolio of services for practices includes a portfolio of 30 leading aesthetic medical devices from nine manufacturers, an aesthetic eCommerce and subscription platform, in-house communications and marketing services, and inbound lead generation. For manufacturers, MedShift delivers a highly secure IoT platform consisting of both hardware and software assets allowing for real-time visibility, remote management, and big data modeling of entire medical device lineups. MedShift adds value across the manufacturer and provider spectrum and continues to empower robust integration with the leading brands and doctors in the industry. Additionally, in its first year of eligibility, MedShift ranked 185 on the 2020 Inc. 5000 list, leading as the 15th fastest growing health company in the United States.