DURHAM – Before deciding whether an investment in surgical communications software startup RelayOne made sense, Cofounders Capital met with potential customers as part of its due diligence process. The feedback helped make the deal happen.
So says Cofounders Capital Partner Tim McLoughlin.
“The [RelayOne] team had a great mix of industry expertise, startup experience, and technical prowess that made us confident they would be able to execute on their plan,” McLoughlin tells WRAL TechWire.
“Also, after talking with over a dozen potential customers it was obvious that the dynamic nature of operating room scheduling paired with increasing regulations on Personal Health Information produced a real pain point for hospital administration that needed to be solved.”
So Cofounders moved ahead with a $500,000 seed round investment.
RelayOne says the startup will use the funding to launch its new software for healthcare systems.
As part of the deal, McLoughlin joins the RelayOne board.
“The best way for us to evaluate an investment opportunity is to talk to potential customers about their pain points, and understand if we have a product that solves them. RelayOne has clearly done that,” McLoughlin added in the announcement.
“I could not believe the stories I heard of hospitals having to cancel surgeries last minute or vendors driving hours just to find out that a surgery had been rescheduled. I enjoyed telling them that we have created a solution.”
A mobile app designed to boost effectiveness
RelayOne says it is working with hospital administrators to improve communications around operating room procedures.
“Due to the dynamic nature of surgeries it’s difficult to predict how long a case will last, creating a ripple effect of schedule changes to internal hospital staff as well as external vendors,” the company explains. “For example, medical device sales reps are frequently an essential part of the surgical process in hospital operating rooms.”
RelayOne’s solution for improved communications is a mobile app managed through a secure platform which the company says can enable hospital staffs to carry out more operations, cut down on cancellations, improve patient outcomes and provide regulatory compliant communications to vendors.
“We designed RelayOne knowing that for hospitals, bringing in new software can be a painful experience,” says Cam Sexton, the startup’s founder and CEO. “We created a solution and applied our unique combination of healthcare sales and consumer app experience to build a platform that’s easy to use and drastically improves hospital operations.”