Toronto-based healthtech startup Figure 1, which has developed a collaboration platform for healthcare professionals, has been acquired by Physician’s Weekly for an undisclosed amount.
New Jersey-based Physician’s Weekly, a medical news and education platform for healthcare professionals, said the deal is aimed to strengthen its offering of clinical insights and treatment resources, and offer new opportunities for pharmaceutical marketers and medical affairs teams to engage healthcare workers in brand messaging.
According to Figure 1, 40 percent of users who can’t resolve a patient case on their own find a resolution through the platform.
Founded in 2012, Figure 1 has developed a software platform that allows healthcare professionals to view, discuss, and share medical cases with a goal of improving patient outcomes.
Users can post queries to the platform and easily share knowledge on a variety of medical cases, from common presentations of illnesses to rare illnesses or ailments.
According to Figure 1, 40 percent of clinicians who are unable to resolve a patient case on their own find a resolution through the platform.
Users can source medical knowledge on Figure 1 through a variety of mediums, including cases and discussions, research, and podcasts. The startup also removes identifying information on patients cited in specific cases, such as names, birthdates, and identification numbers, to protect privacy.
The startup is venture backed, closing $2 million in seed funding in 2013, followed by $5 million in Series A financing in 2015, and a $13-million Series B round in 2017. Investors include Samsung NEXT, Union Square Ventures, Version One Ventures, and insurance conglomerate Manulife.
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In March 2022, Figure 1 claimed to have reached 100,000 cases on its platform, which it said made it the world’s “largest library of medical cases.” The startup also inked partnerships with the Maryland State Medical Society, Cincinnati Children’s Radiology, and the Medical University of South Carolina, among others.
“Figure 1 and [Physician’s Weekly] have a shared vision to empower the healthcare community with resources ‘for clinicians, by clinicians’ at both the point of care and beyond the office,” Greg Jackson, CEO of Physician’s Weekly, said in a statement.
“We remain committed at [ Physician’s Weekly] to facilitating peer communication among [healthcare providers] and providing the right tools at the right moments of care to better patient outcomes,” Jackson added.
Image source Unsplash. Photo by National Cancer Institute.