BLOOMINGTON, Ind. – The IU Philanthropic Venture Fund and the Innovate Indiana Fund, which provide capital to companies founded by Indiana University faculty, students, alumni and staff to help bring their research and innovations to the public through new ventures, have made a cumulative follow-on investment of $250,000 in Indianapolis-based Diagnotes Inc.
Diagnotes provides a suite of team-based, patient-centered collaboration tools built specifically for the health care sector. In a single app, health care professionals can communicate with colleagues in their system, affiliates in other systems, and patients and their loved ones. The platform improves clinicians’ productivity and increases the quality of patient care they are able to provide.
Diagnotes was founded by CEO Dave Wortman, Bharath Bynagari and Todd Saxton, an associate professor of strategy and entrepreneurship in the Kelley School of Business at IUPUI.
“These follow-on investments will help us ramp up our commercialization efforts,” Wortman said. “We will add a chief commercial officer and more sales personnel to our team, as well as expand our marketing programs.”
Diagnotes serves approximately 78,000 users in 10 hospitals/health systems and 15 physician groups in nine states across the country. The company has seen expanded use by clients concerned with protecting providers and patients from unnecessary exposure to the novel coronavirus.
“A lot of the uses have been focused on keeping patients away from outpatient clinics and the emergency department while still empowering doctors to provide care through virtual visits,” Wortman said. “We believe that mirroring the natural communication habits of doctors, nurses and patients is the best path forward for health care.”
Wortman said Diagnotes will evolve with newly established best practices and help health care systems continue to innovate digital health care now and after the pandemic has passed.
“During the COVID-19 crisis, everyone involved in care delivery is getting a great deal of experience in a short period of time about the significant benefits to be gained from these virtual capabilities,” Wortman said. “Now that telehealth is demonstrated to work, these digital health services will be here to stay.”
The Innovate Indiana Fund and the IU Philanthropic Venture Fund, both managed by IU Ventures, initially invested in 2013 and 2018, respectively. Teri Willey, executive director of IU Ventures and fund manager of the IU Philanthropic Venture Fund, is proud to be among Diagnotes’ early and consistent supporters.
“Diagnotes has evolved beyond being an innovator replacing pagers through secure texting into a full clinical communication and collaboration company distinguishing itself in a crowded field with a product that is embraced by its users, plays well with electronic medical records of various types and is driven by a great team,” Willey said.
“We love the impact Diagnotes is having right here in Indiana at IU Health, Hancock, Community, Springstone and Margaret Mary,” she continued. “We cheer for Diagnotes as it brings the benefits of this well-engineered product to providers and patients in a growing number of hospitals across the country.”
Wortman and his colleagues are proud to build Diagnotes in Indiana.
“It means a great deal to us to have the support of investors across the state, including the IU Philanthropic Venture Fund, Innovate Indiana Fund, Elevate Ventures, Purdue Ventures, VisionTech Angels and a host of individuals,” he said. “Building a successful health tech company can only be accomplished with the type of financial support we’ve received.”
About IU Ventures
IU Ventures is a Code Section 501(c)(3) organization dedicated to empowering Indiana University faculty, alumni and friends to support and invest in IU-affiliated innovation. Through the IU Philanthropic Venture Fund and the IU Angel Network, IU Ventures works to provide opportunities for individuals affiliated with IU to network with fellow entrepreneurs; build innovative new businesses; and support growing enterprises through donations, investments, time and talents.