With New Debt Round, Madison Startup Kiio Passes $5M in Funding
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replacement to do exercises ahead of time yields more than $1,200 in savings, on average, over the course of the entire therapy. He notes that it’s important for providers to follow up after assigning an exercise regimen, and Kiio’s software is designed to help users track and improve patient compliance.
“That savings is significant to the provider,” Grandin says, adding that health systems are “responsible for all costs associated, not only with the surgery, but with everything that happens 90 days post-operation. That’s a very compelling argument for why you should … engage patients early.”
Grandin says Kiio has about a dozen customers. They include the Hand to Shoulder Center of Wisconsin, the University of Wisconsin Sports Medicine Center, and Major League Baseball’s Cleveland Indians.
Kiio was pre-revenue until last summer. Grandin declined to say what Kiio’s totals sales were for 2016, or share projections for the current year. He also declined to comment on the valuation Kiio received as part of the latest funding round.
Asked if has given thought to a potential “exit” event for Kiio, possibly in the form of an acquisition or initial public offering, Grandin says yes, but it’s not on the immediate horizon.
“There really is an opportunity for us here to grow significantly through this commercialization effort,” he says. “Our intention is to bring in capital investment, grow our customer base and our revenue stream, and then look at potential exits down the road, where we can get better value for the shareholders.”