Statum Systems Inc.

Secure Medical Communications

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Company Information

Website:

https://www.statumsystems.com/

Sector:

Healthcare Software

Location:

Natick, MA

Statum Systems has created a patent-pending solution for one of healthcare’s most critical issues.

That issue is miscommunication. Too often, doctors, nurses, and hospital staff juggle multiple communication tools on the job — pagers, hospital landlines, and smartphones — in order to care for patients.

This leads to fragmented, inefficient communication. And in healthcare, this can have deadly results.

Miscommunication is a common cause of medical errors. And these errors result in more than 250,000 deaths every year in just the U.S.

Perhaps surprisingly, pagers are still used by nearly 80% of hospitals. But based on the experiences of medical staff, relying on these devices is one of the key reasons for faulty communications.

Text messaging is convenient and efficient. But healthcare professionals can easily violate HIPAA due to the messages’ lack of encryption and security.

And even when miscommunication isn’t resulting in patient deaths, it still results in more than $11 billion in wasted costs by hospitals every year.

Statum Systems has created software-as-a-service to fix these communication issues.

This company is advised by Dr. John Halamka, President of the Mayo Clinic Platform, which is a software platform used by the world-renowned hospital. Other advisors include the former Chief Technology Officer at Compaq Computers.

Developed by medical professionals frustrated with current options, this company’s software platform streamlines communication onto a single device.

Specifically, it enables all clinicians, administrators, and hospital staff to collaborate and communicate from their smartphones. This software optimizes cellular, Wi-Fi, and pager channels. In doing so, it combines the best of dedicated text messaging, voice communication, and cloud-based systems into a reliable, HIPAA-compliant, secure platform.

Statum Systems also offers optional ID Badge holders that capture low frequency pager signals, ensuring caregiver connectivity even when Wi-Fi or cell service isn’t available. This piece of hardware is the only solution that lets caregivers receive messages in locations with no Wi-Fi or cellular coverage.

The way it works is simple:

Clients (for example, a hospital or doctor’s office) obtain credentials for each user. This includes all doctors, nurses, and administrators. Users then download and communicate through the StatumHEALTH app on their phones.

Behind the scenes, Statum’s team will help integrate the platform with the hospital’s electronic medical records. This enables users to access key patient information, hospital directories, and caregiver schedules.

One of the platform’s main collaboration features, Patient Care Sessions, enables medical professionals to seamlessly collaborate on each patient’s care.

Statum Systems uses a software-as-a-service subscription business model. Each client pays a monthly fee ranging from $10 to $20 for each user.

In addition, the company collects professional service fees for implementing the software and integrating it into electronic medical records and other internal systems. These fees range from $10,000 to $100,000, depending on the size of the client.

Finally, Statum Systems charges a one-time fee, or recurring per user fee, for the optional hardware device that captures pager signals.

With its platform, Statum Systems is targeting the market for Clinical Communication and Collaboration Systems. By 2027, this market is expected to reach $5 billion globally.

The company’s initial target market is the 6,000 hospitals and medical practices in the U.S. This consists of 1 million doctors, 3 million nurses, and 6 million total hospital employees. Down the road, Statum Systems’ software could be used to assist first responders in areas such as public safety, disaster relief, private network security, and defense.

Statum Systems has developed its software and its hardware device. It’s been through two phases of individual testing, resulting in a solution that’s ready for field use. The company plans to complete at least three beta tests by the end of 2020.

In the meantime, Statum Systems has eight pending patents, with more to follow. This year, the company was recognized as a Top Patient Engagement Solution Provider by Tech Healthcare Outlook.

Statum Systems aims to commercialize its software platform in 2021.

Team Background

Fred Lizza - Chief Executive Officer

Fred is a serial entrepreneur with extensive experience in the technology industry. He’s led six companies ranging in size from pre-revenue startups to $100 million-revenue operations.

Prior to starting Statum Systems, he was CEO of StrategicClaim, a technology company focused on the insurance market. In 2019, this company was acquired by Satellite Group, an auto repair business.

Before that, he was CEO of Freestyle Solutions, an e-commerce and software-as-a-service order management provider. He held this position after serving as CEO of Optiant, a developer of software for supply chain companies.

Earlier in his career, Fred was President and CEO of Avotus Corporation, a telecommunications business. Prior to that, he was President and CEO of Idiom Technologies, a software provider for web content management. He began his career as President and CEO of Infinium Software, which he grew from $30 million to $140 million in revenue.

He earned a Bachelor’s degree in Accounting from Boston College and an MBA from Harvard.

Ara Nazarian - Co-Founder & Chief Science Officer

Ara has experience in the biotech and biomedical industries. In addition to his role with Statum Systems, he is an associate professor at Harvard Medical School.

He began his medical career as a research assistant at Beth Israel Medical Center, focusing on biomechanics. From there, he began a three-year fellowship with Harvard Medical School.

That started a seven-year stint with the university, where he became associate professor of Orthopaedic Surgery. It was here that Ara gained first-hand knowledge of communications issues doctors and medical staff face when treating patients.

Additional experience with this problem came from spending eight years as Director of the Musculoskeletal Translational Innovation Initiative at Beth Israel Medical Center. He later became the Center’s Vice Chairman of Research.

Ara holds a Bachelor’s degree in Mechanical Engineering from Tennessee Technological University, a Master’s degree in Biomedical Engineering from Boston University, and a degree in Medical Sciences from Harvard University.

Stephen Okajima - Chief Technology Officer

Stephen leads Statum Systems’ product development efforts.

He began his career with Siemens, a global industrial manufacturing company. After that, he was a research student at the MGH Martinos Center for Biomedical Imaging.

From there, he was a research assistant at Harvard Medical School, and then became a biomedical engineer at Beth Israel Medical Center.

Most recently, he was Chief Technology Officer for SurgiBox, a startup creating medical devices.

Stephen earned a Bachelor’s degree in Biomedical Engineering and Computer Engineering, as well as a Master’s degree in Medical Clinical Sciences, from Boston University.

Arman Serebrakian - Co-Founder

Arman is a resident at Harvard Medical School and a former Olympic ski racer.

He skied for six years as part of the Armenia National Ski Team, and represented the country in the 2014 Winter Olympics.

More recently, he began his residency as a plastic surgery physician at Harvard Medical School. He continues this work while leading Statum Systems.

Arman earned a Bachelor’s and Master’s degree in Integrative Physiology from the University of Colorado and a Doctor of Medicine from Temple University School of Medicine.

Per Suneby - SVP of Corporate Development

Per has a history of leadership roles with startups and Fortune 500 companies.

He began as a specialist manager with GE, an energy company. From there, he began a 12-year career with Motorola, a telecommunications company.

He gained financial experience as a partner with Flagship Ventures, a venture capital firm. He then became President and CEO of Converged Access, a developer of web traffic management solutions.

More recently, he was President and CEO of BioConversion Solutions, a developer of systems used to convert biomass into energy. After that, he was Chairman of the Board at Bytelight, a company developing location-based services using LED communications and digital mapping.

In addition to his role with Statum Systems, Per has spent the last five years as a co-founder of Sternhill Associates, a company providing private investment capital and consulting services.

He earned a Bachelor’s degree in Electrical Engineering from The University of British Columbia and an MBA from Harvard.

Raising
$1.07 million
Committed
$148K (14%)
Current Valuation
$5 million
Min. Investment
$250
Deal Type
Title III
(For all investors)
Offering Type
Equity
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