MedScout Announces $800k Pre-Seed Round
Austin-based startup empowers life sciences sales teams to accelerate sales growth
MedScout, a revenue intelligence platform focused on enabling the sales teams at medical device, pharmaceutical, and home health companies, announces that it has closed an $800k pre-seed round led by LiveOak Venture Partners. Chuck Gordon and Mario Feghali (co-founders of Storable) and Austin-based growth leader/angel investor Luke Fernandez also participated in the round. The company will use the funds to expand product development and build early go-to-market momentum.
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Co-founded by Skylar Talley and Casey Shattuck, MedScout offers an innovative approach to empowering sales teams at companies that sell into physician offices and medical centers. Using MedScout’s initial product, these sales professionals now have a single platform to find prospects, organize pipeline activities, and then track and measure execution across reps and teams. Today, customers can use MedScout to locate and qualify physicians and medical centers using procedural volume, an analysis of their referral patterns, data on payments subject to the reporting requirements of the Sunshine Act, and other information. Users can then organize these sales targets into Prospect Lists for prioritization and follow-up. With this round of funding, MedScout will roll out new features, enabling reps to plan their day and run their sales cycle directly from the MedScout mobile app. Sales management will also have capabilities that simplify forecasting, territory management, and compensation calculations, amongst other features. An intuitive user experience, accessible entry price point, and a product suite tailor-built to make sales rep’s lives easier are features that provide MedScout a competitive advantage in the market.
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Given the early success of MedScout’s prototype, it became evident that there exists a significant opportunity to help life sciences companies of all sizes execute more efficiently and grow faster. CEO Skylar Talley said, “Life sciences teams have a different go-to-market motion than software companies, where today, reps are behind the keyboard for most of the sale. Medical reps are in the field, trying to find qualified physician prospects using Google, but in between sales meetings, attending cases, and organizing trainings. They need tools explicitly built to solve their unique problems. We’re so excited to work with our early customers to take our v1 and create something special that helps get innovative medical technology into physician’s hands faster. As a SaaS company, we believe bringing in LiveOak as an investor will best position us to establish the early team and build momentum in this first market. I had a pre-existing, great relationship with LiveOak, and the entire team there believes in our vision.”
“We’ve known Skylar since his days at Sparefoot, and we’re excited to support him and the MedScout team as they empower sales teams with a product that improves the sales process and drives customer growth. The early feedback from market has been tremendous, which is a testament to the quality of the product they’ve built and the value it delivers,” said Mike Marcantonio, Principal at LiveOak Venture Partners.
As Shattuck explains, “A governing philosophy of the Marine Corps is that intelligence drives operations. I built the prototype for MedScout after seeing an opportunity to use my background in reconnaissance and cybersecurity operations to create better patient outcomes by empowering innovative life sciences companies with the data, analytics, and tools they need to effectively scale. We firmly believe our platform can create a step-change in a company’s ability to place bleeding-edge technology at more health care providers.”
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