https://www.youtube.com/watch?v=gfWK4kauemA
Digital health company Jintronix is in the midst of fundraising for a Series A round to more than double the size of its staff and scale its interactive physical therapy platform. CEO and co-founder Daniel Schacter mentioned the fundraise while participating in a panel discussion on technology and digital innovation at the annual Wharton Healthcare Business conference in Philadelphia this week.
Thecompany’s platform, which got FDA clearance in May last year, uses motion sensing technology, Microsoft Kinect, takes elements of gaming and provides visual feedback for users to make physical therapy and occupational therapy exercises more interesting for patients. A clinical-facing component helps therapists and physicians monitor their patients progress, lets them track 130,000 datapoints per minute and offer feedback on patients performance.
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After the panel, Schacter said Jintronix is interested in raising more than $3 million, but ideally $5 million. It hopes to grow from 10 to 25 staff that would include sales, programmers, and data scientists. It currently works with 70 clinics, according to Schacter. The company has offices in Seattle and Montreal.
Schacter claimed that its product significantly boosted adherence rates from the 20 percent average for PT exercises to 75 percent to 80 percent. It also has 14 clinical studies underway.
In addition to helping seniors recover from orthopedic procedures, stroke and traumatic brain injury, the company is exploring other areas such as sports medicine. Last month, Jintronix launched a collaboration with Highmark and Allegheny Health System to use its assess the risk of ACL tears in student athletes.
Schacter commented during the panel that its biggest challenge wasn’t necessarily reimbursement but convincing PT practices that it wasn’t competing with them. Once it could explain its value proposition such as helping practices make the transition to fee for performance, speeding up the time it takes to make assessments of how patients follow their rehabilitation regimen, and improving patient satisfaction scores, it was more successful at persuading clinics to adopt its product.
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“We have proven that our model works,” Schacter said. “Now we need to scale up.”
