# OpenMarkets

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/openmarkets

- Industry: Healthcare
- Headquarters: Chicago, US
- Website: www.openmarketshealth.com
- Total disclosed funding: $1.5M
- Latest round: Series A (Feb 26, 2013)
- Investors on record: 1

## About

OpenMarkets LLC is a technology platform that streamlines the procurement process for healthcare equipment and services, primarily catering to hospitals and health systems in North America.Founded in 2011 in Chicago, US, OpenMarkets LLC specializes in simplifying the procurement of healthcare equipment. The company was started by a group of founders: Dan Michalek, Farid Gunawan, Rum Chopra, and Tom Derrick. The CEO is Trevor Wood. In February 2013, OpenMarkets raised USD 1.5 mn in Series A funding from TEXO Ventures, bringing the total amount raised to USD 1.5 mn and achieving a current valuation of USD 6.01 mn.OpenMarkets is a technology platform that simplifies the procurement process for healthcare equipment and services, primarily serving hospitals and health systems. Its core offerings include the OpenMarkets Formulary, CapConnect, and Optimizer, which collectively enable organizations to research, quote, and acquire approved medical equipment efficiently. The Formulary allows users to access a catalog of pre-approved equipment specific to their organization, ensuring compliance and easing the purchasing process. CapConnect organizes and automates the capital equipment planning process, providing visibility and workflow management across various departments. Optimizer offers tools for price negotiation and equipment comparison, assisting healthcare providers in making data-driven purchasing decisions. OpenMarkets operates in the North American market, targeting healthcare providers looking to streamline their procurement cycles.OpenMarkets generates revenue through subscriptions and partnerships with healthcare organizations, focusing on business-to-business (B2B) transactions. Clients typically engage with OpenMarkets by subscribing to its platform to gain access to its comprehensive suite of procurement tools, which facilitate the buying and selling of healthcare equipment. The structure of transactions often involves clients utilizing the OpenMarkets platform to connect with suppliers, request quotes, and finalize purchases based on their individual needs. These transactions may involve regular fees associated with subscription plans, as well as potential costs tied to specific services offered within their platform. Notably, the flagship services, such as the OpenMarkets Formulary and CapConnect, are designed to enhance the efficiency and effectiveness of capital planning and procurement for healthcare entities.OpenMarkets plans to enhance its platform with new product offerings aimed at further simplifying the procurement process for healthcare providers. There are ongoing efforts to expand into additional geographic markets, with specific targets set for 2024. The recent Series A funding of USD 1.5 mn will be instrumental in supporting these initiatives, providing the necessary resources to develop new products and facilitate market expansion.

## Funding rounds

- Series A, Feb 26, 2013, $1.5M — TEXO Ventures

## Investors

- TEXO Ventures (https://capitalatlas.ai/funds/texo-ventures) — Series A