Wellington medical record business receives $500,000, plans to grow
A Wellington start-up has raised half a million dollars to help develop and market its note-taking software for medical professionals.
Six investors, of which three are new, gave $500,000 to Noted through a private listing on equity crowdfunding platform PledgeMe.
The Wellington business has developed a medical record system that makes it easy for clinicians to take detailed notes.
To date, the software, which can be used on a tablet or desktop computer, has been used by acupuncturists, massage therapists and dietitians in clinics in the United States, Australia, and New Zealand.
Noted chief executive officer Scott Pearson said the software was initially developed to better track the treatment of his acupuncture patients.
"I shifted careers from broadcast design and 3D animation software development, to acupuncture after selling an earlier startup to a Fortune 500 company in 2006.
"I enjoyed my new career, but was frustrated when I couldn't take notes the way I wanted to with existing tools. In particular, practically capturing and reporting on outcome data was very limited," he said.
"After some research, I realised the issues I'd identified extended right across the health sector, so I decided to develop a solution."
Pearson launched Noted in 2015, and trialled the system at the Newtown Acupuncture Centre a year later.
The software can be used by many health professionals including doctors, registered nurses, dietitians, and acupuncturists.
A lot of data could be entered at the click of a button, allowing users to spend more time focusing on their patients, Pearson said.
The money raised through PledgeMe would go towards developing and marketing the software, he said.
The New Zealand and Australian market had over 785,000 potential users, Pearson said.
"Our biggest surprise so far has been the immediate interest from offshore.
"We are currently building relationships with influential users and organisations in the US, UK and Australia with progress far in advance of our original expectations."
At the moment, content is being developed so it can be used by psychologists, mental health nurses, physiotherapists, osteotherapists and others, he said.