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Vigil Monitoring targets end of year for first product launch

Sathya Mithra Ashok | Sept. 10, 2014
Vigil Monitoring, the medical monitoring business that was started by Sir Ray Avery, will launch its first product iteration by the end of the year.

While so far the challenges facing the firm had been related to understanding the healthcare ecosystem and focusing resources to a solution and not getting distracted from the goal, the challenges that lie ahead will be related to delivering on the solution.

"Our challenges now is about getting the first product out, getting it stable and making sure we have operations and customer support elements in place. It is a typical start-up phase. It is one thing getting a product developed and getting a buyer, but what happens when it is out there in the market, how do you support and scale?

"We will be adding people and partners working up to the launch. We have a HR roadmap and, if the landscape does not change, we would look to have around 20 full time employees by launch," says Brannigan.

The company will be looking for operations and sales and marketing staff to join its team, since they are 'tech-heavy right now.'

Vigil, which raised $1.5 million from private investors in its first round of funding, had an additional cash infusion when Spark Ventures (previously Telecom Digital Ventures) bought 40 per cent of the firm with an investment of $5 million. The company also received a grant from Callaghan Innovation.

"Our cash flow is very healthy and we are not looking for a series C funding. It is pretty rare for a NZ start-up at this stage and we understand how lucky we are. With the product launch at the end of the year, we expect to be in the black by next year," says Brannigan.

Vigil is also exploring offshore markets, including Australia and Asia, but Brannigan states that they would look to launch in the NZ market, and stabilise in the country, before venturing into global markets.

 

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