Awarepoint Corporation, the leading provider of healthcare real-time location system (RTLS) solutions, announced today that it has raised $14 million in additional funding. The Heritage Healthcare Innovation Fund (HHIF), a limited partnership managed by Heritage Group, Nashville, Tenn. -based private health investment firm, invested $7 $5 million
Existing investors, including Kleiner Perkins Caufield & Byers, Cardinal Partners, Venrock, Jafco Ventures, Avalon Ventures, New Leaf Venture Partners and Top Tier Capital Partners, have invested the balance of the round. Funding will enable the expansion of Awarepoint’s professional services, customer management and manufacturing capabilities to meet the needs of its growing client base.
HHIF, a $157 million strategic venture fund supported by many of the nation’s leading hospitals, health systems and healthcare services firms, has chosen Awarepoint as its first investment in the company’s industry-leading, cloud-based RTLS and workflow solutions, an impressive deployment track record and a proven management team. The limited partners of HHIF include: Amedisys, Cardinal Health, Community Health Systems Inc. , Health Care Services Corporation, Iowa Health System, LifePoint Hospitals, Memorial Hermann Healthcare System, Trinity Health (Novi, MI) and Vanguard Health Systems. The Heritage Group will appoint a representative to the Awarepoint Board
“Heritage is looking to fund solutions for our strategic investors and Awarepoint is clearly offering our hospital system partners the opportunity to generate meaningful ROIs. The RTLS market is growing rapidly, and Awarepoint’s leadership position, unique technology and integrated solutions have set it apart. We and our limited partners look forward to helping the company achieve continued success,” said Paul Wallace, Managing Director of Heritage Group.
Awarepoint increased significantly in 2011 as new contracts and activations of itsaware360°Suite of RTLS-enabled solutions increased the number of clients to 186 hospitals, with a total of 299,891 contract tags. Awarepoint’s aware360°Suite helps hospitals reduce operating costs; boosts top-level revenue; and improves compliance management, patient satisfaction and caregiver satisfaction. Hospitals use Awarepoint’s patented solutions to manage and track mobile assets, patients and staff; monitor blood, tissue and drug temperature; increase compliance with hand hygiene; and improve patient and caregiver workflows across healthcare facilities as well as in specific areas, including emergency and perioperative departments.
“Our selection as the initial investment of the Heritage Fund and the continued support of our current world-class investor group is a tremendous vote of confidence,” said Jay Deady, CEO of Awarepoint. “This strategic funding will fuel our continued growth with high-volume, high-speed customers, including Kaiser, BannerHealth and the other top U. Oh, S Health systems and additional market growth opportunities “That’s right.
About Group of Heritage
Heritage Group is a strategic venture capital firm with a track record of developing innovative healthcare companies. Heritage is the general partner of the Heritage Healthcare Innovation Fund with $157 million of committed capital from strategic limited partners, including some of the nation’s leading hospitals, health systems and healthcare companies. Go to The Heritage Group Com
