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Carefx Secures $12.3 Million in Series B Equity Funding
Over-subscribed, up-round highlights company’s momentum in the marketplace
(Scottsdale AZ) - October 25, 2005 - Carefx Corporation, the only provider of strategic, open and scalable solutions that simplify access to patient information, today announced completion of a Series B round of equity financing, totaling $12.3 million from a combination of new and current investors. This over-subscribed, up round of funding is led by new investors, UV Partners and Appian Ventures, and joined by present investors CB Health Ventures, Solstice Capital, Grayhawk Venture Partners, Highway 12 Ventures and Village Ventures. The current round brings the total equity capital invested in Carefx to approximately $20 million.
Carefx is the only provider of strategic, open and scalable solutions that provide clinicians simplified access to patient information residing in disparate applications. The company is the preferred solution of the healthcare industry’s leading infrastructure and application vendors, including Cerner, GE Medical Systems, McKesson, Siemens, IBM, Novell and Computer Associates. The Carefx solution benefits clinicians with unified, expedient and secure access to patient information and satisfies IT imperatives by utilizing an open architecture to ensure measurable returns on investments.
“This strong new backing reaffirms we’re on the right track to satisfy growing demands for our solutions and to capture significant market share,” said Andrew J. Hurd, Chairman and CEO, Carefx. “It enables us to accelerate our strategic growth plans, expand our solutions roadmap and further enhance our channel programs.”
"Flexibility is critical for healthcare organizations," said Jim Dreyfous, general partner of UV Partners. "Carefx's open approach offers hospitals a superior solution to proprietary systems offered by other vendors. We are exceptionally excited about this opportunity, and we anticipate a highly rewarding relationship with Carefx." Mark Soane, a founder and Managing Director of Appian Ventures added, "Carefx is quickly establishing itself as a leader in context management software." "It offers the most robust technology solution and has chosen to partner with the strongest IT infrastructure and HIT companies in the world to deliver it."
Additional funding from New York-based CB Health Ventures, which made an earlier equity investment in 2003, demonstrates its satisfaction with the company’s strategic execution. Partner Bob Schulz said, “Like all of the current investors, we are pleased to be reinvesting in a company we’ve watched grow in value during two short years. We are confident of its continued progress.”
Founded in 2002, Carefx continues to add muscle to its management team, including the recent addition of Hurd as chairman and CEO and Mark R. Briggs as EVP, Sales and Marketing. Both are HIT veterans with successful track records of building and transforming healthcare and technology teams into market-driven leaders.
About UV Partners
UV Partners, with offices in Salt Lake City and Los Angeles, is a leading early stage private equity investment group. For 20 years, UV Partners has been providing the foundation for developing early-stage entrepreneurial concepts into tomorrow’s industry-leading Information Technology and Life Science companies. For more information, visit www.uvpartners.com.
About Appian Ventures
Appian Ventures is a Denver, Colorado-based venture capital firm focused on Applied Connectivity technologies that enable timely, efficient and useful access to enterprise information across a network of connected users. Appian Ventures targets early-stage investments in real-time enterprise applications and infrastructure management software companies. These technologies represent the fastest growing segments of the IT industry. For more information about Appian Ventures, visit www.appianvc.com.
About Carefx Corporation
Carefx is the only provider of strategic, open and scalable solutions that provide clinicians simplified access to patient information residing in disparate applications. Carefx solutions streamline clinical workflow, enabling the delivery of safe, quality and cost-effective care in a HIPAA-compliant environment, driving improved user adoption and return on IT investments. For more information about Carefx, visit www.carefx.com.
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