Building the Market Before the Product: Interview with Inmedix CEO Andrew Holman, MD
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What is the background of Andrew Holman and Inmedix?
My advantage has been I have skin in the game. I have credibility. It's very unusual to have clinical trials before you raise money. That's just unusual. And the one thing the angels always look at, when's the exit? Because a lot of times they're waiting 15 years. And some of these angels are 70 years old. They're not going to wait 15 years. So you've got to remember to speak to that concern that they have. And they're not like VCs where, you know, half of their companies can fail and that they have a bunch that are astronomically successful. They don't think that way. So just remember they're regular people.
How does Andrew Holman define immunoautonomics?
And sometimes they're motivated by their heart a little bit too. Welcome to MedCider, where you can learn from the brightest founders and CEOs in medical devices and health technology. Join tens of thousands of ambitious doers as we unpack the insights, tactics, and secrets behind the most successful life science startups in the world. Now, here's your host, Scott Nelson. Hey, everyone. In this episode of MedCider, I sat down with Dr. Andrew Holman, CEO and co-founder of Medix, a company commercializing cloud HRV and FDA-cleared diagnostic that measures the autonomic nervous system with clinical precision. A practicing rheumatologist and founding physician at Pacific Rheumatology Associates in Seattle, his 25-year clinical and research career includes 16 lead author published papers and 15 clinical studies involving nearly 1,500 patients.
Andrew's discoveries in autonomic dysfunction and fibromyalgia led to a $10 million patent sale to Boehringer in 2007 and pioneered the field of immunoautonomics. Here are a few of the key things that we discussed in this conversation. First, give the specialty a reason to care and a way to act immediately. By naming the field immunoautonomics and pounding the message for years, Andrew made autonomic measurement something rheumatologists could talk about. CloudHRV was then designed to fit existing reimbursement and workflow, creating both demand and a clear path to adoption, a combination few startups manage to align. Second, evidence is the through line from FDA to fundraising to adoption. Before commercializing CloudHRV, Andrew mapped out an 18-study clinical plan spanning outcomes, indications, and health economics.
It wasn't just about checking regulatory boxes. It built credibility with physicians, informed payers, and created a body of proof competitors would need years to replicate. Third, know who you're pitching. Angels aren't mini VCs. Andrew raised $17 million because he didn't pitch angels like institutions. He showed skin in the game, delivered steady progress through small rolling rounds, and kept investors informed along the way. The result, a 65% reinvestment rate and a community of backers who stayed with him. All right, before we dive into this episode, I'm pumped to share that Volume 7 of MedCider Mentors is now live. This latest edition highlights key takeaways from recent MedCider interviews with incredible entrepreneurs like Bill Hunter, CEO of Canary Medical, Brian Lord, CEO of Pristine Surgical, Don Crawford, co-founder of Safion and current CEO of Corvista Health, and other proven MedTech founders and CEOs.
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Chapters
6 chapters
1
What is the background of Andrew Holman and Inmedix?
0:03–0:37
2
How does Andrew Holman define immunoautonomics?
0:37–7:35
3
What strategies did Andrew use to build market demand before launching CloudHRV?
7:35–9:17
4
Why is clinical evidence crucial for fundraising and adoption?
9:17–10:26
5
What insights does Andrew share about pitching to angel investors?
10:26–23:02
6
How does CloudHRV differentiate from consumer HRV devices?
23:02–52:28