Impruvon Health Closes Oversubscribed Seed II Funding Round Led by Ford Street Ventures
The Baltimore-based digital health startup is working to end medication errors in enterprise care settings.
Baltimore, Md. (Jan. 28, 2025) -- Impruvon Health (“Impruvon”), a Baltimore-based digital health company, announced today that it closed an oversubscribed Seed II round to support rapid national expansion of its medication management solution which helps enterprise healthcare organizations avoid medication errors. The round is led by Ford Street Ventures, a San Francisco-based venture capital fund, with participation from Go Global Ventures and existing investors, including the University System of Maryland (USM) Momentum Fund (Momentum Fund), Propel Baltimore Fund, New Dominion Angels, and TEDCO.
“We’re excited to welcome new investors to the company who share our passion for eliminating medication errors and optimizing clinical workflows for long term care teams,” said Impruvon Chief Executive Officer and Co-Founder Justin Amoyal. “We couldn’t be more excited to continue to improve the lives of long-term care teams and residents nationwide.”
“We are thrilled to co-lead this funding round for Impruvon with Go Global Ventures,” said Matt Brezina, Managing Partner at Ford Street Ventures. “Impruvon is solving a critical workflow problem for healthcare administrators. Their platform is improving health outcomes for patients by enabling clinicians to focus on delivering care while ensuring compliance and eliminating bottlenecks in care delivery.”
Over seven million patients in the U.S. are impacted by medication errors every year. Although medication administration, storage, and record keeping are integral aspects of care delivery at intermediate care and assisted living facilities, the processes remain largely manual. These outdated workflows create strain on staff, resulting in challenging, error-prone processes that increase the likelihood of medical incidents in patients and cause retention issues with overburdened employees.
Impruvon delivers smart-assisted compliance, enabling healthcare facilities to automate reminders and access control, ensuring that appropriate medications are accessed by the right staff at the right time. Impruvon’s interactive platform is tailored specifically to each long-term care community’s needs, thereby reducing errors and burn-out rates while improving staff productivity.
“We’re delighted to continue supporting the Impruvon team as they create value for clinicians in challenging care settings,” said Mike Ravenscroft, Managing Director of the Momentum Fund. “Their strong growth throughout 2024 is a testament to the national need for their solution. We’re confident the team will continue to execute and we look forward to helping them build out their team with talent and resources from Maryland.”
Justin Amoyal and his cousin Tony Amoyal, who is a co-founder of Impruvon and a University of Maryland, College Park alum, tragically lost a family member (Justin’s brother Ben) to overdose due to medication mismanagement.
“We are grateful for the support we’ve received here in Maryland,” Justin Amoyal said. “With this funding we’ll be able to continue our work to streamline medication management workflows and eliminate violations while inspiring confidence in care nationwide.”
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, and record keeping. For more information, visit www.impruvonhealth.com.
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/
Contact: Mike Lurie
Phone: 301.445.2719
Email: mlurie@usmd.edu