QMed Innovations, an asset tracking startup, announced the completion of its Series A funding round to continue revolutionizing the medical device space.
The funding round was co-led by RJ Valentine and The MBA Group, allowing the startup to advance its plans to accelerate its growth in 2021. Founded by Victor Nunes, the startup’s team consists of experts in the industry and currently has headquarters in Middletown. Nunes referred to these plans by stating:
“QMed Innovations is revolutionizing the way medical device manufacturers, distributors, and providers can track their instruments. We are excited to partner with RJ Valentine and The MBA Group to expand our go-to-market strategies, drive adoption, and provide our customers with a return on investment based on critical time saved and reduced costs—improving their bottom line performance.”
Speaking on the partnership, Chairman of RJ Valentine Ventures, Valentine said that the capital firms realized there was immense potential in the emerging asset tracking market, and believed in QMed Innovations’ technology.
The startup’s unique hardware and software solutions automatically deliver data and analytics that support medical device manufacturers, distributors, and providers to better track their instruments. Currently, its Quest and Quest Tote products have been recognized and selected by over a dozen leading medical device manufacturers to track the daily location of inventory to maximize capital investment.
QMed products are Internet of Things tracking solutions with fully autonomous capabilities. Quest, one of such products, is the first asset tracking solution that can stand in the high temperatures and pressures of the autoclave sterilization process, which meets necessaries in the medical device industry.
According to a supporting perspective on the asset tracking market opportunity from the world’s leading research and advisory company Gartner by the title of “Emerging Technologies: Revenue Opportunity Projection of Indoor Location Services”, emerging technologies like those developed by the asset tracking startup are expected to increase in value from about 1 billion in 2021 to $26 billion by 2030.
