ANN ARBOR, MI (September 14, 2022). Navv Systems, a Southeastern Michigan-based healthcare technology company focused on healthcare personnel and equipment location services, announced the close of a $5.5 million Series A funding round led by Arboretum Ventures. Michigan Rise and Red Cedar Ventures also participated in the financing along with existing investors including Narrow Gauge Ventures and Detroit Venture Partners.
Navv continues to expand the capabilities of its healthcare-focused indoor navigation and location services platform called NavvTrack®, which uses indoor location technology to better manage equipment, personnel, and clinical workflows. New modules in the platform include Specimen Tracking that helps hospitals stop the widespread problem of losing lab specimens, and Device Management, which helps systems better keep track of the large fleets of mobile phones and tablets.
“Now is a critical time for healthcare, with so many staffing challenges and financial difficulties. Hospitals are in dire need of efficiency, utilization, and automation tools like NavvTrack that help them do more with less,” said Daniel Siegal, M.D, Navv’s Co-Founder and CEO. “This financing is a key milestone in support of our growth and expansion with new health system customers.”
The company has active deployments at eight US hospitals and is planning a number of expansions with new customers across North America. NavvTrack has demonstrated improvements in workflow and cost efficiency by coordinating people, equipment, and materials on a single app-based platform. The company maintains an active partnership with Apple, leveraging the strengths of the Maps and Indoor GPS features integrated in iOS devices, enabling an optimized mobile user experience that helps drive real-time healthcare with gains in efficiency, utilization, and productivity.
“We believe that this kind of indoor location platform is going to be a big part of the future of healthcare,” said Tim Petersen, managing partner at Arboretum Ventures. “Navv is addressing pressing and widespread healthcare challenges in a cost-effective and sustainable way. They are applying best practices from other industries like airlines and logistics and delivering practical solutions for healthcare that make sense.”
About Arboretum Ventures
Arboretum Ventures is a venture capital firm specializing in the healthcare sector. Founded in 2002, the firm has raised $700 million in capital to support a portfolio diverse in stage and geography. The investment team targets capital-efficient companies that improve patient outcomes and reduce healthcare system costs across medical devices, life science tools & diagnostics, and tech-enabled care delivery. Arboretum is headquartered in Ann Arbor, Michigan. More information is available at www.arboretumvc.com.
About Narrow Gauge Ventures
Narrow Gauge Ventures (NGV) is an early stage venture fund investing in companies across the country that improve the efficiency of the healthcare landscape. NGV has a focus on software tools supporting the back-end infrastructure of all healthcare systems. We look for strong teams with a clear strategy for improving the performance of the healthcare ecosystem. Founded in 2019, NGV has been supporting entrepreneurs to focus on lean operations and capital efficiency. For more information about Narrow Gauge, please visit www.narrowgaugeventures.com.
About Detroit Venture Partners
Detroit Venture Partners is committed to backing and founding early stage tech companies that move the world forward. DVP was founded in 2010 by Dan Gilbert, Rocket Mortgage Founder and Chairman, with a vision to grow Detroit’s entrepreneurial community. We partner with visionary founders and help our portfolio succeed by leveraging the 100+ companies within the Rock Family, including Rocket Mortgage, the Cleveland Cavaliers, Bedrock, and StockX. More information is available at www.detroit.vc.
About Red Cedar Ventures
Founded in 2014, Red Cedar Ventures (RCV) is a pre-seed and seed stage investment fund formed with the objective to help launch and accelerate early-stage startup companies created at Michigan State University. RCV is also the first venture fund in mid-Michigan and is creating opportunities for MSU technologies, ecosystem partners, and the state of Michigan. For more information visit www.msufoundation.org.
About Michigan Rise Pre-Seed III Fund
Founded in 2020, the Michigan Rise Pre-Seed III Fund provides debt, equity and purchase order financing for early-stage high tech businesses located in Michigan. Funded by the Michigan Economic Development Corporation and the Michigan State University Foundation, Michigan Rise is dedicated to helping early-stage companies in Michigan succeed. For more information on Michigan Rise visit www.michiganrise.com.
Navv Systems, Inc.