New Partnership Focused on Leveraging to Address Orthopedic Client Needs for Innovation Asset Tracking Technology
FREMONT, CA: QMed Innovations, a developer of unique hardware and software asset tracking systems for the medical device industry, announced today that RJ Valentine Ventures/The MBA Group had led Series A financing to help the company grow. This round of funding has now concluded successfully.
The investment will allow QMed Innovations to build on its momentum, which began in 2019 and has since accelerated in 2021. Over a dozen leading medical device manufacturers now use QMed Innovations' products, Quest and Quest Tote, to track the daily location of inventory to maximize capital investment. QMed products are self-contained Internet of Things (IoT) tracking solutions. Quest is the first asset tracking solution to withstand the high temperatures and pressures of autoclave sterilization, which is critical in the medical device industry.
"We are thrilled to partner with the QMed Innovations team to help lead a new chapter in the organization's growth," said Valentine, Chairman, RJ Valentine Ventures/The MBA Group. "We see a large market opportunity in asset tracking. QMed products are designed with emerging technology that can give customers unprecedented, powerful data for asset tracking and strategic inventory cost management."
Gartner, the world's biggest research and advisory firm, provides an additional viewpoint on the asset tracking market opportunity. According to its recent "Emerging Technologies: Revenue Opportunity Projection of Indoor Location Services," asset tracking is expected to grow from less than 1 billion dollars in 2021 to nearly 26 billion dollars by 2030. Furthermore, according to the report, asset tracking will reach early majority adoption by 2026, with a market volume of 6.7 billion dollars.
"QMed Innovations is revolutionizing the way medical device manufacturers, distributors, and providers can track their instruments," said Victor Nunes, QMed Innovations Founder, and CEO. "We are excited to partner with RJ Valentine and The MBA Group to expand our go-to-market strategies, drive adoption, and provide our customers with return on investment based on critical time saved and reduced costs—improving their bottom line performance."