Posted July 11, 2023
University System of Maryland Momentum Fund Invests in Impruvon Health Alongside TCP Venture Capital, New Dominion Angels
Baltimore-based Digital Health Startup is Working to End Medication Errors and Streamline Workflows in Long-Term Care Settings
Baltimore, Md. (July 11, 2023) – Impruvon Health (“Impruvon”), a Baltimore-based digital health startup, announced today that it closed a financing round to support surging demand from healthcare organizations for its enterprise medication management platform. The round is led by The Propel Baltimore Fund from TCP Venture Capital, with participation from the University System of Maryland (USM) Momentum Fund (Momentum Fund) and New Dominion Angels.
“We’re excited to use this capital to further our mission to optimize medication workflows and ensure that medication errors and wasted nursing time become a thing of the past,” said Chief Executive Officer and Co-founder Justin Amoyal. “We’re extremely grateful to our investors for supporting us as we look to scale our customer base nationwide and improve the lives of healthcare employees as well as the people they support.”
“We are thrilled to lead this funding round for Impruvon,” said Christopher College, Managing Partner at the Propel Baltimore Fund. “Impruvon’s solution saves its clients money while reducing medication errors and allowing healthcare administrators and clinicians to focus on patient care.”
Over 100,000 medication errors occur annually in the U.S. alone. Although medication administration, storage, and record keeping are integral aspects of care delivery at intermediate and long-term care facilities, the current processes are still largely manual. These outdated workflows increase the likelihood of errors, such as incorrect medication distribution or missed records, and they place added strain on staff, leading to retention issues.
Impruvon’s interactive platform can be tailored to an agency’s specific needs, enabling them to regulate medication management and implement organization-wide standards. The smart-assisted compliance is designed to provide automated reminders and access control so only the right medications are accessed by the right staff at the right time. Impruvon Health relies on its integrations and partnerships to enable facilities to implement the platform without having to change the pharmacy supporting them, their medication packaging, or the Electronic Health Record (EHR) system in place (if one exists).
"Medication administration errors are serious problems worth solving. Impruvon offers a practical, easy-to-adopt solution for a large, overlooked segment of the managed care market in need of modern tools,” said Jeremy Bauman, Managing Director at New Dominion Angels. “We are excited to partner with such a talented and committed team and look forward to helping Impruvon achieve its mission of making care provision safer and easier for workforces."
“We couldn’t be happier to support the Impruvon team as they work to modernize the medication management process in long-term care settings,” said Mike Ravenscroft, Managing Director of the Momentum Fund. “This investment will help the team capitalize on their early success and expand to serving customers nationwide.”
Justin Amoyal and his cousin Tony Amoyal, co-founder of Impruvon and a University of Maryland, College Park alumnus, tragically lost a family member, Justin’s brother, to overdose due to medication mismanagement. They developed Impruvon to help ensure other individuals would not have to suffer the consequences of flaws in the current medication management process.
“We are so thankful for the support we’ve received here in Maryland,” Tony Amoyal commented. “With this funding we’ll be able to continue our work to make medication compliance achievable for the long-term care teams we serve. By introducing easy-to-use, proactive assistive technology, we’re able to streamline and simplify complicated, manual, and error-prone processes that overwhelmed nursing teams are responsible for completing daily.”
About Impruvon Health
Impruvon Health is a medical technology company focused on revolutionizing medication management in long-term care facilities by automating the process of medication preparation, observation, administration, communication, and record keeping.
About the University System of Maryland Momentum Fund
The Maryland Momentum Fund is an initiative of the University System of Maryland (USM) to provide late seed investment funding for promising technology ventures that come out of any of the 12 constituent USM institutions, its research parks, and its students, faculty, or graduates. With a $16M commitment from the USM, the Fund co-invests alongside venture capitalists, foundations, and angel investors.
The Maryland Momentum Fund was established by the USM Board of Regents to support promising commercial opportunities arising from advances in research and intellectual property at USM campuses. The Fund is designed to create returns and support USM’s most innovative ideas as they enter the marketplace. Learn more about the Fund and view the portfolio companies at https://momentum.usmd.edu/
USM Contact: Mike Lurie