Henry Ford spin-off secures $ 3.2 million in venture capital

“We are really excited about the increased functionality offered by the NavvTrack for hospital operations,” said Dr. Richard “Chip” Davis, senior vice president of Henry Ford Health System and CEO of South Market Henry Ford and the Henry Ford Hospital, in an emailed statement to Crain’s. “It has improved efficiency and made better use of hospital resources such as patient transportation and housekeeping services, equipment utilization and visitor orientation at our five acute care hospitals.
In addition to being the co-founder and CEO of the company, Siegal is vice president of the radiology department at Henry Ford Health System and has a background in computer science.

The other co-founder and CTO of the company, Paul Zieske, has a background in engineering and IT in the health field.

Navv Systems is forecasting revenue of around $ 500,000 or a little more for this year, and expects that number to triple next year. The company has five employees and is looking to grow to 10 to 15 over the next 12 to 18 months, according to Siegal.

Siegal said Navv Systems seeks to leverage a “confluence of technologies” and works with Apple Inc.’s Indoor Positioning System which allows tracking of a hospital floor plan. Existing tracking technologies such as radio frequency identification or RFID have always been very expensive for hospitals to implement on a large scale, Siegal said.

While recognizing good competition in the healthcare equipment tracking industry, Siegal said Navv Systems aims to differentiate itself by offering a single platform. For competitors, the CEO refers to companies such as Connexient Inc. and AerosScout Industrial.

“If you were to try to do this using some of the other tools out there, you should have separate solutions that don’t necessarily speak or work well with each other,” Siegal said.

The CEO added that because the company focuses on using software rather than hardware, the platform can be up and running in a hospital within weeks.

Additionally, Siegal said Navv Systems relies on what he called a “responsive web application” for patients and visitors using the company’s service on their mobile devices to navigate the hospital complex. This means the person doesn’t have to worry about trying to download a new mobile app when they walk into the facility.

Brian Peters, CEO of the Michigan Health & Hospital Association, said the need to modernize the healthcare supply chain has grown exponentially in recent years as more healthcare systems integrate with thousands of employees and equipment in several establishments.

“Years ago, health care in the state of Michigan, in particular, consisted primarily of independent hospitals that did not have relationships with other qualified hospitals and nursing facilities,” Peters said. . “Today it looks very different. There are a number of large integrated health systems that have a large regional or even multi-state footprint. We are now much more sophisticated than ever in health care. No just supply chain management But how do we deploy people It has taken on a whole different aspect in recent years.

Supply chain management is a critical goal for the industry, he said.

“Making sure you have the right people, the right equipment and the right supplies in the right setting and the right amount is now paramount,” said Peters. “We are a 24/7 operation, 365 days a year, and we don’t know minute by minute who will walk through the hospital door and what services they will need.”
According to the most recent research report released by the Novi-based Michigan Venture Capital Association business group, life science and healthcare-focused startups, such as Navv Systems, accounted for the majority, 40%, of Michigan venture capital dollars.

As part of the deal with Navv Systems, Arboretum Ventures managing partner Tim Petersen will join the company’s board of directors.

“We have been very impressed with the sophistication of Navv’s technology and the appeal Dan and his team have achieved with customers,” Petersen said in a statement. “Navv is another great example of clinician-led innovation from a world-class organization like Henry Ford, tackling a significant and immediate health challenge.”

– Crain senior reporter Dustin Walsh contributed to this report.


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