MEDVENTIVE COMPLETES OVERSUBSCRIBED SERIES C FUNDING TOTALING $10M
Jay Lillie
April 14, 2010
MedVentive announced today the completion of its oversubscribed Series C fundraising. The $10 million in capital is targeted to fuel the company´s next phase of product innovation, which will expand the ability of its technology to reduce costs to purchasers while improving the quality of care to patients. In particular, MedVentive is uniquely capable of supporting health plans and providers in their move to the healthcare industry´s newest value‐based purchasing models – such as Accountable Care Organizations (ACO), global payments, and clinically integrated networks.
New investor Clarian Health Ventures (CHV), the for‐profit investment arm of Indiana's largest health care system, Clarian Health Partners, Inc., provides a strong strategic partner for MedVentive. Kyle Salyers, Managing Director of Clarian Health Ventures commented, "We selected MedVentive for our portfolio because our philosophy is not just financially supporting innovative approaches to solving crucial healthcare issues, but being active contributors to the company´s success through a strong commercial relationship. Incentives in the health care market will increasingly be tied to performance, and the delivery system must have the data and analytical tools to measure and improve quality. MedVentive´s solutions are uniquely positioned to provide this capability across care settings and across target patient populations. "
Core Capital Partners, a leading early‐stage venture fund headquartered in Washington, D.C. , expanded their earlier, unannounced investment in MedVentive´s Series C round. "Core is extremely pleased with MedVentive´s progress – technology advancements, market expansion, client initiatives, extension of their team, and overall growth. We expanded our investment with MedVentive to support their continued leadership in technology solutions focused on improving the quality of care and performance, while reducing medical expense," said Mark Levine, Managing Director at Core Capital Partners.
"We are delighted to welcome Clarian Health Ventures and Core Capital to the MedVentive investment syndicate", commented Dr. Enrico Petrillo, Managing Director at Excel Venture Management, which co‐led the Series C financing with HLM Venture Partners. "Along with Excel, HLM Venture Partners and Long River Ventures, we have built an outstanding team to support MedVentive´s growth. The quality of the investors and the oversubscribed nature of the round are a testament to MedVentive´s competitive edge and its ability to lower costs in the healthcare system while improving outcomes for patients."
MedVentive has more than twelve years of experience in solving today´s critical challenge of improving patient care while reducing costs. From our beginnings within CareGroup serving over 450,000 patients to our spin‐out in 2005 as an independent entity to commercialize proven and physician‐friendly solutions, MedVentive has always been laser‐focused on delivering clinical and financial outcomes, not on technology or data sharing for its own sake. Today MedVentive provides a comprehensive technology platform that enables physician collaboration, data transparency, and proactive care improvement on a community basis. With a proven ROI, both in terms of increased quality of care and lowering costs, MedVentive clients are leading the industry in achieving real world results.
About Clarian Health Ventures
Clarian Health Ventures (CHV) is a venture capital firm affiliated with Clarian Health Partners, Indiana´s largest health care system. CHV invests in early stage health and life sciences companies that align with the strategic objectives and mission of Clarian Health. For more information, please visit www.clarianhealthventures.com.
About Core Capital Partners
Core Capital is a leading venture capital firm headquartered in downtown Washington, D.C. With approximately $350 million under management, Core invests in early‐stage and emerging‐growth companies focused on enabling and disruptive technologies in the information technology, communications, digital media and technology‐enabled services arenas, led by seasoned entrepreneurs. Core´s partners have been active investors for 25 years and because of their knowledge of and experience in Washington, provide exceptional insight to companies who also derive revenues from the world´s largest purchaser of technology–the U.S. Government.
Representative investments include Sourcefire (NASDAQ: FIRE), SwapDrive (acquired by Symantec), IXI Corporation (acquired by Equifax), SilverStorm (acquired by QLogic), Roundbox, Twisted Pair Solutions, BridgeWave Communications, buySAFE, and UpdateLogic. To learn more, please visit www.core‐capital.com.
About Excel Venture Management
Excel Venture Management builds companies that apply transformative life science technologies to solve problems in healthcare and beyond. The Excel investment portfolio is balanced across healthcare IT and services, diagnostics, and medical devices, plus life science platforms that address adjacent markets including energy, chemicals, defense and 23 agriculture. The majority of the team´s prior investments, which include some of the world´s premier healthcare and life science companies, are thriving and over half have achieved successful exits generating billions in value. For more information, please visit http://www.excelvm.com.
About HLM Venture Partners
HLM Venture Partners is a leading venture firm providing capital to emerging companies focused on health care service, health care information technology and medical devices. HLM Venture Partners supports entrepreneurs as they turn innovative ideas into market‐leading businesses, offering guidance on financial structuring and mergers, resource allocation and deployment, strategic planning, strategic introductions and recruitment. For more information, please visit www.hlmvp.com.
About Long River Ventures
Long River Ventures invests in seed and early stage companies in technology, healthcare, and other related sectors. Formed by a group of experienced entrepreneurs and venture capitalist, Long River is designed and structured to invest smaller amounts of capital, usually as the first institutional investor in rounds of under $5MM. While we do make investments in the major metropolitan markets, our primary geographic focus is on the smaller cities and research centers of New England. For more information, please visit www.longriverventures.com.
About MedVentive
For more than a decade, MedVentive has worked with leading provider and health plan organizations to develop and deploy innovative, clinically sophisticated approaches to successfully reduce healthcare costs and improve the quality of patient care. MedVentive offers a fully‐integrated suite of business & clinical intelligence and outreach applications that support best‐in‐class pay for performance programs, physician efficiency profiling and information‐sharing, quality intervention, pharmacy management, and point‐of‐care decision support tools – all built on a risk‐adjusted data foundation. Provider groups and health plans use MedVentive technology and services to identify their greatest healthcare improvement opportunities and to act quickly and efficiently to effect change through flexible, tailored solutions. For more information, please visit www.medventive.com.
New investor Clarian Health Ventures (CHV), the for‐profit investment arm of Indiana's largest health care system, Clarian Health Partners, Inc., provides a strong strategic partner for MedVentive. Kyle Salyers, Managing Director of Clarian Health Ventures commented, "We selected MedVentive for our portfolio because our philosophy is not just financially supporting innovative approaches to solving crucial healthcare issues, but being active contributors to the company´s success through a strong commercial relationship. Incentives in the health care market will increasingly be tied to performance, and the delivery system must have the data and analytical tools to measure and improve quality. MedVentive´s solutions are uniquely positioned to provide this capability across care settings and across target patient populations. "
Core Capital Partners, a leading early‐stage venture fund headquartered in Washington, D.C. , expanded their earlier, unannounced investment in MedVentive´s Series C round. "Core is extremely pleased with MedVentive´s progress – technology advancements, market expansion, client initiatives, extension of their team, and overall growth. We expanded our investment with MedVentive to support their continued leadership in technology solutions focused on improving the quality of care and performance, while reducing medical expense," said Mark Levine, Managing Director at Core Capital Partners.
"We are delighted to welcome Clarian Health Ventures and Core Capital to the MedVentive investment syndicate", commented Dr. Enrico Petrillo, Managing Director at Excel Venture Management, which co‐led the Series C financing with HLM Venture Partners. "Along with Excel, HLM Venture Partners and Long River Ventures, we have built an outstanding team to support MedVentive´s growth. The quality of the investors and the oversubscribed nature of the round are a testament to MedVentive´s competitive edge and its ability to lower costs in the healthcare system while improving outcomes for patients."
MedVentive has more than twelve years of experience in solving today´s critical challenge of improving patient care while reducing costs. From our beginnings within CareGroup serving over 450,000 patients to our spin‐out in 2005 as an independent entity to commercialize proven and physician‐friendly solutions, MedVentive has always been laser‐focused on delivering clinical and financial outcomes, not on technology or data sharing for its own sake. Today MedVentive provides a comprehensive technology platform that enables physician collaboration, data transparency, and proactive care improvement on a community basis. With a proven ROI, both in terms of increased quality of care and lowering costs, MedVentive clients are leading the industry in achieving real world results.
About Clarian Health Ventures
Clarian Health Ventures (CHV) is a venture capital firm affiliated with Clarian Health Partners, Indiana´s largest health care system. CHV invests in early stage health and life sciences companies that align with the strategic objectives and mission of Clarian Health. For more information, please visit www.clarianhealthventures.com.
About Core Capital Partners
Core Capital is a leading venture capital firm headquartered in downtown Washington, D.C. With approximately $350 million under management, Core invests in early‐stage and emerging‐growth companies focused on enabling and disruptive technologies in the information technology, communications, digital media and technology‐enabled services arenas, led by seasoned entrepreneurs. Core´s partners have been active investors for 25 years and because of their knowledge of and experience in Washington, provide exceptional insight to companies who also derive revenues from the world´s largest purchaser of technology–the U.S. Government.
Representative investments include Sourcefire (NASDAQ: FIRE), SwapDrive (acquired by Symantec), IXI Corporation (acquired by Equifax), SilverStorm (acquired by QLogic), Roundbox, Twisted Pair Solutions, BridgeWave Communications, buySAFE, and UpdateLogic. To learn more, please visit www.core‐capital.com.
About Excel Venture Management
Excel Venture Management builds companies that apply transformative life science technologies to solve problems in healthcare and beyond. The Excel investment portfolio is balanced across healthcare IT and services, diagnostics, and medical devices, plus life science platforms that address adjacent markets including energy, chemicals, defense and 23 agriculture. The majority of the team´s prior investments, which include some of the world´s premier healthcare and life science companies, are thriving and over half have achieved successful exits generating billions in value. For more information, please visit http://www.excelvm.com.
About HLM Venture Partners
HLM Venture Partners is a leading venture firm providing capital to emerging companies focused on health care service, health care information technology and medical devices. HLM Venture Partners supports entrepreneurs as they turn innovative ideas into market‐leading businesses, offering guidance on financial structuring and mergers, resource allocation and deployment, strategic planning, strategic introductions and recruitment. For more information, please visit www.hlmvp.com.
About Long River Ventures
Long River Ventures invests in seed and early stage companies in technology, healthcare, and other related sectors. Formed by a group of experienced entrepreneurs and venture capitalist, Long River is designed and structured to invest smaller amounts of capital, usually as the first institutional investor in rounds of under $5MM. While we do make investments in the major metropolitan markets, our primary geographic focus is on the smaller cities and research centers of New England. For more information, please visit www.longriverventures.com.
About MedVentive
For more than a decade, MedVentive has worked with leading provider and health plan organizations to develop and deploy innovative, clinically sophisticated approaches to successfully reduce healthcare costs and improve the quality of patient care. MedVentive offers a fully‐integrated suite of business & clinical intelligence and outreach applications that support best‐in‐class pay for performance programs, physician efficiency profiling and information‐sharing, quality intervention, pharmacy management, and point‐of‐care decision support tools – all built on a risk‐adjusted data foundation. Provider groups and health plans use MedVentive technology and services to identify their greatest healthcare improvement opportunities and to act quickly and efficiently to effect change through flexible, tailored solutions. For more information, please visit www.medventive.com.
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