MTI, Maine Venture Fund join MedRhythms' investors in $5M financing round

Courtesy / MedRhythms MedRhythms was founded and is led by Brian Harris, left, and Owen McCarthy. On Thursday the Portland company said it has closed its $5 million venture-capital financing round with investments from the Maine Venture Fund and the Maine Technology Institute, among others.

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By Staff

Portland-based digital therapeutics startup MedRhythms said it has closed its $5 million venture-capital financing round with investments from the Maine Venture Fund and the Maine Technology Institute, among others.

The announcement, emailed to Mainebiz on Thursday, comes two months after the firm said it exceeded its original $4 million goal, raising $5.3 million of Series A financing.

Jean Hoffman, founder and former CEO of Putney Inc., was an early investor in MedRhythms and added to her investment in the latest round.

MedRhythms, founded and led by Brian Harris and Owen McCarthy, said its next steps are to develop and launch its patent-pending digital therapeutics platform that will focus on building evidence-based, FDA-approved prescription products, and expanding its staff with the hiring of several engineers and a commercial position.

They started out in Boston but moved to Maine because “we believe that we could build a world-class business here,” said McCarthy, a Maine native who serves as MedRhythms’ president, in the announcement.

“We have found the people and the resources in Maine to be very supportive of early stage, high-growth companies like ours,” he said, adding that the firm is honored by the commitment from MTI and the Maine Venture Fund.

John Burns, managing director of the Maine Ventures Fund, said the fund chose to partner with MedRhythms “not only for potential financial returns, but because they are as committed to growing the Maine economy as we are.”

MTI President Brian Whitney echoed those sentiments, saying: “MedRhythms is bringing exciting job opportunities to the Portland area … We are excited to help expand and elevate their company to a point where they can help make Maine a strong center in medical technology.”