Building the Market Before the Product
Interview with Inmedix CEO Andrew Holman, MD

Key Learnings From Andrew's Experience
Give the specialty a reason to care — and a way to act immediately. By naming the field (immuno-autonomics) 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.
Evidence is the throughline — 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 about checking regulatory boxes — it built credibility with physicians, informed payers, and created a body of proof competitors would need years to replicate.
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. The result: a 65% reinvestment rate and a community of backers who stayed with him.
Building a medtech company usually starts with a product. Dr. Andrew Holman started by building a category.
Most physicians who discover something meaningful publish a paper and move on. But after 25 years of research linking the autonomic nervous system to autoimmune disease outcomes — and holding patents no one else could commercialize — rheumatologist Dr. Andrew Holman found himself in a bind. Retiring meant sitting on a breakthrough. Moving forward meant becoming an entrepreneur at 55.
Andrew’s insights began with patients other doctors dismissed. Working as the “consult of last resort” in Seattle, he listened closely to fibromyalgia and autoimmune patients who had been told their symptoms were imaginary. That curiosity led him to discoveries around dopamine, sleep fragmentation, and autonomic imbalance — findings that ultimately produced a $10 million patent sale and validation from multiple pharmaceutical companies. But it also revealed something deeper: biological stress wasn’t just a side note or a behavioral issue. It was a measurable, physiological driver of disease—and a missing link in autoimmune management.
Still, the world wasn’t quite ready for those ideas. So after an early exit and a decade-long retirement, Andrew returned when conditions had finally caught up to the science. In 2017, he founded Inmedix to commercialize CloudHRV, an FDA-cleared autonomic diagnostic built on the precision of EKG-based HRV rather than consumer-grade photoplethysmography. Its purpose: to turn the nebulous concept of stress into a precise, quantifiable vital sign that physicians could actually treat.
But what makes Inmedix unusual isn’t the technology — it’s the way Andrew built the foundation long before the product ever existed. Years before starting the company, he spent time publishing, educating, and shaping a new field, preparing the market for a concept most rheumatologists had never considered.
This is a story about long-game category creation — and the lessons it holds for medtech founders who want to build demand before they build a device.
Guest
CEO and co-founder of Inmedix
Andrew is CEO and co-founder of Inmedix, a company commercializing CloudHRV, an 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 Ingelheim in 2007 and pioneered the field of immuno-autonomics.
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Build the Category Before You Build the Product — Then Remove Friction
For years before founding Inmedix, Andrew worked on something most startups ignore: shaping the field itself. He knew that if rheumatologists didn’t already believe autonomic dysfunction mattered, no diagnostic would gain traction. So he started by giving the specialty a name — immuno-autonomics — and then spent years embedding it into the clinical conversation. “I co-chaired the Immuno-autonomic Study Group, an annual meeting of the American College of Rheumatology (ACR) with Professor and GSK SVP, Paul Peter Tak, MD, PhD, for five years,” he says. “The goal was to pound the message that this mattered.”
He published editorials, collaborated with leading rheumatologists, and built a scientific advisory board capable of championing the idea independently. Being a practicing physician gave him credibility others couldn’t match. As the “consult of last resort,” Andrew understood the frustration of failing most of the time with autoimmune patients — and he knew autonomic imbalance was a missing part of the puzzle. “If you understand the pain and you feel the solution,” he says, “it makes all the difference.”
But category creation alone isn’t enough. Andrew matched belief-building with a commercial strategy designed to remove friction. CloudHRV doesn’t rely on new CPT codes or long reimbursement battles. Instead, it uses an existing HRV procedure code that physicians bill themselves — and get paid for, while Inmedix earns a per-click fee. That alignment makes adoption far easier. “It’s easier to try something if you’re getting paid for the work you do,” Andrew says. Add in the fact that the test fits naturally into clinic workflow — performed during the waiting time before a doctor enters the room. This is how Inmedix approached solving two of the biggest barriers to diagnostic adoption.
The combination of a primed market and a low-friction commercial model created something rare in medtech: demand ahead of launch. When Inmedix commissioned an independent CoreEvitas study surveying 231 rheumatologists, 96% said they wanted to use the diagnostic as soon as it became available. That interest wasn’t the result of marketing. It was the result of a decade spent preparing the field to understand the problem — and designing the business model to make saying yes easy.
For founders, the lesson is clear: build belief first, remove friction second. When clinicians already understand the “why” and the economics align with their workflow, adoption becomes a pull, not a push.
Let Clinical Data Do the Heavy Lifting
Clinical evidence wasn’t a box to check at Inmedix — it was the strategy. Coming from clinical practice, Andrew knew physicians wouldn’t adopt a new diagnostic because of clever messaging. They would adopt it because the data stood up to scrutiny. “Doctors like me don’t care what a pharma company tells us in their marketing material,” he says. “We want to see the peer-review study.”
That mindset pushed Andrew to generate data far earlier than most startups would consider. He completed clinical studies even before raising significant outside capital — an unusual move, but one that let him speak with authority about what CloudHRV actually did. “It’s very unusual to have clinical trials before you raise money,” he says, “but it meant we knew we were solving a real problem.”
Those early studies became the foundation for an 18-study clinical plan funded through an upcoming Series A. Each dataset serves a different stakeholder — patients, rheumatologists, FDA reviewers, and payers — but together they define autonomic measurement as a legitimate part of clinical care. Just as importantly, they create something most companies can’t replicate on demand: time.
“No matter how much money you have,” Andrew says, “you can’t do a double-blind study in less than one year.” Clinical research runs on biology’s clock, not a venture timeline. By the time a competitor notices the category, Inmedix often has years of published data in hand. “From a strategic exit point of view,” he notes, “it’s a lot easier to acquire than to compete with us.”
Andrew’s advice echoes that experience: be brutally honest with your data. “Be rigorous with yourself. Don’t fool yourself,” he says. “Scientific rigor isn’t just a moat — it opens up opportunities.” Evidence becomes the throughline: it shows up in investor conversations, in journal articles, in payer discussions, and eventually in physician adoption.
Leverage Pre-Sub Meetings as a Competitive Advantage
Part of that rigor extended to how Andrew navigated the FDA. CloudHRV followed a 510(k) pathway using existing HRV devices as predicates, but the clarity behind that choice came from five separate pre-submission meetings — far more than most early-stage teams pursue.
“Whenever I see a pitch, I always ask, ‘Have you had a pre-sub with the FDA?’” Andrew says. “If you haven’t, it’s automatically a ‘no’. Take advantage of it. It’s free.” Each conversation helped the team refine assumptions, validate the regulatory path, and avoid surprises. His rule was simple: propose your plan, listen carefully, and don’t argue. “If you’re respectful and you’ve done your homework, the FDA wants you to succeed,” he says.
That same pragmatism shaped Inmedix’s IP strategy. Rather than filing patents that would expose proprietary algorithms, the company protects its core methods as trade secrets while relying on an exclusive worldwide license for the underlying technology. Combined with clinical data, it creates a layered form of defensibility — one more advantage competitors can’t easily unwind.

Raise From Angels by Speaking Their Language
Raising $17 million entirely from angel investors is unusual for a medtech company — but Andrew didn’t fundraise the way most founders do. His advantage wasn’t a polished pitch deck. It was credibility: years of published research, clinical data already in hand, and meaningful personal investment. “I put $4 million in myself,” he says. “That sets the tone.”
Many of his investors came through Keiretsu Forum, one of the world’s largest angel networks. Andrew joined as a retired member, sat through presentations on fintech and real estate, and casually mentioned his “little startup.” Interest grew into invitations to pitch across 10 chapters — and ultimately into four Keiretsu funds investing in Inmedix.
What Andrew learned is that angels do not think like VCs. “Angels are regular people,” he says. “Some of them are in their 60s or 70s. They’re not going to wait 15 years for an exit.” That shaped how he framed the business: near-term value, clear milestones, and data that already existed. He also emphasized why CloudHRV was different from most diagnostics — it functions as a repeated vital sign for stress with recurring revenue and uses existing reimbursement codes.
“Diagnostics are a terrible investment unless you have a repeated vital sign,” he says. “We do.”
He structured the company’s fundraising as a series of small, milestone-based rounds with rolling closes. “We don’t wait for promises — we need the money now,” he says. “When the round is full, it’s over.” The approach built momentum and contributed to a 65% reinvestment rate among existing angels.
Communication was another differentiator. Andrew sends updates every two months and makes himself available for calls. It sounds simple, but it’s something many founders neglect. “Some of them like to give advice,” he says. “Most of the time it’s pretty good.” More importantly, staying in touch keeps investors confident enough to support future rounds.
The transition to institutional capital has been harder. Diagnostics are often misunderstood by VCs, and losing his business partner, Larry Bock, to pancreatic cancer early on left Andrew navigating that world alone. Larry was Andrew’s Bowdoin College roommate and first Inmedix Board Director who helped launch dozens of biotech companies, including Illumina, ARIAD, Pharmacopeia, Neurocrine, Calliper, and Nanosys. “The VC world is very different,” he says. “They have mandates.” Still, he believes the fundamentals don’t change: credibility, evidence, and a clear path to value.
For founders early in their journey, his advice is straightforward: lean into what you know, understand what angels care about, and be honest about how they get their return. “Remember,” he says, “they’re regular people.” They want to see your conviction. They want to see your data. And they want to know how they get their return.
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