OneMedNet

About OneMedNet

OneMedNet, founded in 2009 and headquartered in Eden Prairie, Minnesota, operates as a key facilitator in the Real-World Data (RWD) market for the life sciences sector. The company was established by Dr. Jeffrey N. Yu, a board-certified radiologist and nuclear medicine specialist. Recognizing the need for a better way to share patient imaging studies, Dr. Yu's initial work led to the development of the BEAM solution, which aimed to improve care for stroke and trauma patients. This effort evolved into the commercialization of the product and the founding of OneMedNet.

The core of OneMedNet's business is its proprietary iRWD™ (imaging Real-World Data) platform. This federated network provides access to clinical data from a vast network of healthcare providers, which has grown to over 2,130 sites. The platform securely de-identifies, searches, and curates diverse clinical data types, including electronic health records, lab results, and, most distinctly, medical imaging. OneMedNet serves a clientele of pharmaceutical companies, medical device manufacturers, and AI developers in the imaging and diagnostics space. The company's business model is shifting towards a subscription-based service, offering products like 'Live Data Feeds' for continuous data streams and an 'AI-Driven Conversational Search' that allows users to query complex datasets using natural language. This recurring revenue model was introduced through a partnership with Palantir Technologies, utilizing its Foundry ecosystem to enhance the iRWD™ platform's capabilities.

A significant milestone in the company's history was becoming a publicly traded entity on the Nasdaq stock exchange under the ticker symbol 'ONMD' in November 2023. This was achieved through a business combination with Data Knights Acquisition Corp., a special purpose acquisition company (SPAC). The transaction was initially announced in April 2022 with a pro-forma enterprise value of approximately $317 million. Following the merger, Paul Casey, who had joined as CEO in 2022, continued to lead the company, with founder Dr. Jeffrey Yu serving as Chairman and Chief Medical Officer. In April 2024, as part of a planned succession, Aaron Green, who joined as President in 2023, took over the role of President and CEO. Dr. Yu continues his involvement as Chairman, Chief Medical Officer, and a director.