AcuityMD, a Boston-based company that builds AI software for medical device sales teams, has raised $80 million in a Series C round. The company is now valued at $955 million. Co-founded by Mike Monovoukas in 2019, AcuityMD pulls together fragmented healthcare data and turns it into practical commercial intelligence, helping MedTech reps figure out which doctors to visit, which accounts to prioritize, and where new opportunities are hiding.

The global medical devices market is projected to grow from roughly $623 billion in 2026 to over $1 trillion by 2035, according to industry estimates. Selling medical devices is a uniquely difficult job. Reps need to know which surgeons perform which procedures, at what volume, at which hospitals, under which contracts. Hospital consolidation, changing reimbursement rules, and a constant stream of new product approvals make that work harder every quarter. Much of the information reps need sits scattered across databases that no single company can assemble on its own.

StepStone Group, an existing investor, led the round. Benchmark, Redpoint Ventures, ICONIQ, and Atreides Management also participated. AcuityMD has now raised more than $160 million in total and was named to Forbes’ 2025 “Next Billion-Dollar Startups” list, a list of 25 venture-backed U.S. companies identified as most likely to reach a $1 billion valuation.

Why Medical Device Sales Teams Are Under More Pressure

The commercial environment for MedTech has gotten noticeably more complex. The FDA has now authorized over 1,200 AI-enabled medical devices, according to an IntuitionLabs analysis, and new approvals keep coming. That means more competition, more options for physicians, and more complexity for the reps trying to win their business. Hospital systems are also merging into larger networks with centralized purchasing, which makes it harder for reps to identify the right contact and tailor their message.

Most AI investment in healthcare so far has focused on clinical applications like radiology and diagnostics. The commercial side has received far less attention. Sales reps at device companies still lean on spreadsheets, CRM tools designed for other industries, and their own personal networks. The data they actually need, things like which surgeons are early adopters, how patient referrals flow between physicians, and where contract opportunities exist, is buried in Medicare claims databases, FDA filings, and government records.

“AcuityMD is scaling rapidly while continuing to invest thoughtfully in its people and platform. The depth of the company’s data provides a meaningful advantage, and as AI capabilities continue to advance, that foundation becomes more valuable. We also see significant opportunities for AcuityMD to benefit the broader MedTech organization beyond commercial, reinforcing our decision to deepen our commitment.”

Hunter Somerville, Partner at StepStone Group

How AcuityMD Plans to Spend the $80 Million

The new capital will go toward three priorities. First, AcuityMD plans to build out what it calls “agentic AI” capabilities for commercial roles. In simple terms, that means AI tools that can independently generate recommendations for sales reps, leadership, and marketing teams. Second, the company will expand its proprietary MedTech data model, which maps physicians, facilities, procedures, reimbursement rules, and the relationships between them. Third, AcuityMD wants to move beyond commercial operations and support the full product lifecycle, from pre-market planning through post-launch adoption.

AcuityAI, the company’s newest product, is now in open beta. It combines AcuityMD’s market data with each customer’s internal information, including territory assignments, contract details, and CRM activity, to deliver answers specific to each rep’s situation. A practical example: a rep whose scheduled surgery gets cancelled could ask AcuityAI for a ranked list of nearby physicians worth visiting that afternoon, along with context on their procedure volumes and contract status.

“AcuityAI has given our commercial team sharper answers, faster. Insights that used to take hours are now surfaced right when our reps need them, leading to richer conversations and opportunities we might otherwise have missed. One of our sales leaders asked AcuityAI for intel on a new national contract with a large health system, and quickly had a full business plan: where to go, which surgeons to prioritize, and more context than he could get spending hours on Google.”

Mark Edwards, Senior Director of Sales Operations at Kuros Biosciences

What AcuityMD Does and Who Built It

Mike Monovoukas, Robert Coe, and Lee Smith founded AcuityMD in 2019. Monovoukas holds an MBA from Harvard Business School and a BA from Princeton. Before starting the company, he worked at Bain & Company advising life sciences clients on commercial strategy, held a leadership role at PatientPing, a care coordination software company, and co-founded a medical device startup earlier in his career. Those experiences gave him a close look at how fragmented the data environment is for MedTech companies trying to bring products to market.

At the core of the platform is what AcuityMD calls a “MedTech ontology.” That is essentially a continuously updated knowledge graph, a structured map of the connections between physicians, hospitals, health networks, surgical procedures, insurance reimbursement rules, and medical products. Each customer’s own data, including territory structures, contracts, and sales activity, gets layered on top. The result is a unified view of the market that helps reps prioritize accounts and plan outreach with more precision than a standard CRM allows.

The company now works with over 400 MedTech companies, including 16 of the top 20. Its platform has helped customers identify more than $34 billion in pipeline opportunities. AcuityMD is headquartered in Boston.

“AI will transform MedTech, but only with the right context, deeply embedded in the workflows where decisions are made. AcuityMD is that context layer, serving the rep in the field, the commercial leader planning territories, and the teams launching the next generation of innovation. I’m grateful to the hundreds of customers who have helped shape our platform. This funding accelerates our shared mission of accelerating adoption of cutting-edge medical technologies.”

Mike Monovoukas, CEO and Co-Founder of AcuityMD

The Investors Behind AcuityMD’s Series C

StepStone Group, a private markets investment firm, led the round. Returning investors Benchmark, Redpoint Ventures, ICONIQ, and Atreides Management also joined. Benchmark led AcuityMD’s $7 million seed round in 2021, and ICONIQ Growth led the $45 million Series B in June 2024. Before this round, the company had raised more than $83 million.

The funding history shows a steady upward trajectory. The seed round funded early data infrastructure work. A Series A followed in 2022, and by the time the Series B closed in mid-2024, AcuityMD had achieved a 10x increase in annual recurring revenue since the Series A. Total funding now exceeds $160 million. At a $955 million valuation, the company sits just short of unicorn status.

ICONIQ Growth has previously backed companies including Snowflake, Datadog, and ServiceTitan. Benchmark has stayed involved since the seed round. The continued participation of early investors across multiple rounds suggests confidence in the vertical AI model AcuityMD is building.

Origianl Creator: Ekaterina Pisareva
Original Link: https://justainews.com/companies/funding-news/acuitymd-closes-80m-series-c-led-by-stepstone-group/
Originally Posted: Tue, 21 Apr 2026 19:38:36 +0000