See the 24-slide presentation the Mint founder used to sell investors and hospitals on his new emergency-room management startup
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- The Mint founder Aaron Patzer started Vital, an emergency-room management startup, four years ago.
- On Wednesday, it announced it had raised $15 million in Series A funding.
- Patzer is an engineer and said his experience can help make hospital software easier to use.
When Aaron Patzer’s brother-in-law, a physician, had to miss a family function because he was filling out patient files, Patzer came face-to-face with the inefficiencies of the medical system.
That something as routine as updating medications for different patients took hours to days after he had met with the patient seemed a relic of less technological times, Patzer said.
At the time, Patzer was working at the fintech giant Intuit after his last company, the personal finance app Mint, was acquired for $170 million. Back then, his pitch had been similar: Make budgeting easy and intuitive for Americans who were getting used to using smartphones to do most of their banking.
Although he didn’t have a background in healthcare, Patzer started brainstorming ways that his skills as an engineer could help doctors, hospitals, and ultimately patients during “what is potentially the worst day of their lives,” Patzer told Insider.
Four years ago, he landed on Vital. The startup makes an app for emergency-room patients to see their wait times, watch their progress through testing and results, and follow discharge instructions. Patzer cofounded the company with his brother-in-law, Dr. Justin Schrager.
On Wednesday, Vital announced it had raised $15 million in Series A funding from Transformation Capital, First Round Capital, Threshold Ventures, and a strategic health system that Patzer declined to name. Patzer said that the investor does not regularly disclose its private investments.
“It’s something that should exist, and it shocked me that it didn’t,” Patzer told Insider. “It’s the worst day of your life, and you are left in the dark. You can see your Uber Eats status, and yet you can’t see that for you or your family member’s progress in treatment today.”
Vital shared its original pitch deck with Insider for this story with one customer name redacted because the deal is not public. The customer in question is not the same company as the strategic investor participating in the round.