BOSTON, Oct. 1, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Cohealo Inc., the leader in medical asset mobilization and analytics, today announced the company has completed a $9 million Series A financing led by Romulus Capital and Krillion Ventures.
Cohealo utilizes a cloud-based sharing platform to bring the benefits of the sharing economy most readily associated with consumer applications like Uber, Airbnb and Zipcar to managing and optimizing the utilization of medical equipment across hospitals and care facilities in health systems. The US spends more than $100 Billion a year on these assets; Cohealo enables the market to maximize the economic and clinical value out of each and every one of them.
"Since day one, we have seen an enormous amount of interest in our services. In addition to our work with current clients, whose footprints include hundreds of hospitals across dozens of states, we are in talks with many of the largest multi-state health systems in the US for late 2014 / early 2015 deployment. We are on track to dramatically grow the business over the next six months with the most respected and trusted names in healthcare" shared Mark Slaughter, CEO and co-founder, Cohealo. "With the additional vote of confidence and connectivity from our investors, we are poised to continue transforming hospital workflow across the country."
Existing and New Investors Back Cohealo
Romulus Capital and new investor Miami-based Krillion Ventures led the recently completed $9 million Series A financing that also included a number of notable individual investors. The financing was composed of both equity and convertible-note financing and builds upon seed investment from Romulus Capital. The proceeds will be used primarily for adding intellectual capital as the company looks to bring on additional engineers, sales executives and support staff, and further develop the Cohealo Platform.
Romulus is an active investor in the digital health space with investments including Aidin, Ginger.io, Fitocracy, and Docphin.
Neil Chheda, co-founder of Romulus Capital commented, "Take a peek behind the way hospitals' procure equipment today, and you'll find incredible healthcare providers constricted by a chaotic, broken supply chain system. Collaborative consumption has revolutionized age-old consumer markets, and the sheer growth in demand for Cohealo's platform by hospitals demonstrates the 100B+ medical equipment market is also ripe for disruption by the shared economy."
Krillion Ventures' Managing Partner Melissa Krinzman commented, "Cohealo is bringing the concept of the sharing economy to healthcare at precisely the right time for the industry. Today, as health systems are being challenged to introduce more efficiency in every area of their business and control capital expenses without compromising on care, facilitating meaningful ROI is essential. We believe that asset utilization is an area of cost savings historically overlooked by hospital administrators, when compared to labor costs and drug spend."
About Cohealo
Based in Boston, Cohealo Inc. enables hospitals to optimize the purchasing and consumption of their medical equipment on a system-wide basis. They provide a logistics infrastructure and web-application to manage device deployment as well as capture utilization analytics resulting in new revenue opportunities and significant cost reduction. They are partnered with some of the largest hospital groups in the United States and have raised venture capital to fuel their expansion. To learn more about Cohealo, please visit http://www.cohealo.com.
About Romulus Capital
Romulus Capital is a $50M seed-stage venture capital firm focused on building, rather than betting on, the next big technology and science-enabled companies. The firm partners with entrepreneurs looking to become industry leaders and works with them to build world-class teams, win major customers, iterate on product, and think strategically about building a strong foundation. The firm was founded out of MIT in 2008. More information is available at http://www.romuluscap.com.
About Krillion Ventures
Founded in January 2014, Krillion Ventures is a $50M fund that provides seed and venture stage funding to technology-driven companies located in Miami, New York and San Francisco. The firm focuses on the finance, healthcare, real estate, transportation, and social media sectors. Founded by entrepreneurs, Krillion's partners provide strategic and operational advice and make highest-level introductions for each of its portfolio companies. For additional information, visit http://www.krillionventures.com.
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