1Comm Medical gets boost for telemedicine innovation
ANKENY, Iowa — 1Comm Medical, Inc., an Ankeny-based telemedicine startup, has received a $300,000 loan from the Iowa Economic Development Authority to grow and expand its business.
1 Comm has developed a cloud-based software that connects medical personnel with patients to monitor the patients’ blood. The software allows the physician to follow patients more closely than they would if they had to rely on patients coming into the clinic for blood tests, and it cuts costs for the patient, the doctor’s office and the insurer.
The loan comes from the Iowa Innovation Acceleration Propel Fund, which promotes the growth of businesses that engage in the transfer of technology into companies that create high-paying jobs. The funds are designed to support commercializing research, launching new startups and accelerating private investment and industrial expansion efforts that result in significant capital investment.
Last spring 1Comm Medical raised $2.5 million in an investment round led by Next Level Ventures. 1Comm had about $1.2 million in sales in 2014. About 1,000 patients use the service, according to an article in The Des Moines Register. 1Comm Medicals biggest customer is Iowa Heart Center, a cardiovascular care center with 10 main locations and about 30 outreach facilities.
According to Craig Ibsen of Next Level Ventures, the solid leadership at 1Comm was a main attraction. Of the four founders, CEO Luke Bland comes from a career in public accounting. Chairman Scott Yegge is a dentist in practice in Ankeny. Dr. Teresa Sieck, the chief medical officer, is a physician assistant and has a degree in health care administration. Scott Wallace, the chief technology officer, is a 30-year veteran in information technology.
Source: The Des Moines Register