Deals round-up – e-health start up for Atlas Venture

As part of its continuing commitment to ventures in the e-health space Atlas Venture has provided 8 million ($7.4 million) in start up funding to GloMediX. GloMediX is based at www.glomedix and expects to be up and running there by May this year. GloMediX is aimed at the business to business market place for buying and selling medical products in Europe.

GloMediX says the advantage it offers to buyers and sellers – other than the pulling together of sources into one destination – is that it will push down sales and marketing costs for medical supplier sellers thought to be around 15 to 25 per cent of the final sales price. These figures are expected, through the use of GloMediX to reduced to a low single digit percentage figure. And it will reduce buyers costs in the purchasing process.

GloMediX has ambitious plans to 2000, aiming to get offices established in four European countries employing around 100 staff.

Stefan Muennighoff, co-founder of GloMediX and Harvard MBA graduate, says: “While the commerce element is an important aspect of our service, we believe the content and community elements are just as important within the European environment.” Other founders of GloMediX are Dr Michael Trampert a former managing partner at Ernst & Young, and Dr Tilman Frank who was a specialist involved in European healthcare systems at McKinsey & Co.