Listen.MDis the Digital Scribe for physicians, nurses and PAs. They are the 1st medical scribe based on patent-pending machine learning technology. Listen.MD has aSoftware as a Service (SaaS) subscription model where physicians pay $9,000/year to streamline their patient visits and free up enough time to add two additional patients a day.The ListenMD team is composed of doctors, technologists and entrepreneurs who are experienced in building and growing software companies, led by CEO Patrick Leonard, former CTO at iTriage. The majority of the Listen.MD team came from iTriage and Aetna, which acquired iTriage in 2011.
Listen.MD is moving into beta with Children’s Hospital of Colorado (CHCO) this summer and has an LOI in hand with Centennial Valley Pediatrics. The company is charging an introductory rate of $6k/physician/year, with pricing expected to increase to $9k/physician/year going forward.
Firm Close Date: May 22nd, 2017
Due Diligence Materials
- Listen.MD Due Diligence Report – Published by RVC 05/11/2017
- Listen.MD Term Sheet
- Listen.MD Deep Dive Pitch Deck– 04/04/2017
- Listen.MD Deep Dive Video– Recorded by RVC 04/04/2017
- Fast-forward to [1:48:00] to review the Listen.MD product demo
- $750,000 Convertible Note (to likely be amended to $1M or $1.25M total raise via note)
- $2.5M Valuation Cap
- 20% Discount, 4% Interest
- Use of Funds: 75% toward product development, 25% to sales and operations. Post-funding, Listen.MD’s principle software engineer will convert to full time.