Updox Secures Growth Equity Investment to Accelerate Market Growth and New Tech
May 19, 2017
Updox, the industry leader for care coordination and healthcare connectivity solutions, announced a $12.7 million series B preferred equity investment.
TT Capital Partners led the round, with participation from Tamarind Hill and existing investor Rev1 Ventures. As a single source for patient and provider communications, Updox plans to grow its strong foundation to achieve widespread connectivity in traditionally hard-to-reach healthcare segments.
Updox already counts more than 40,000 physicians and 60 million patients on its secure communications platform. Updox gives independent healthcare providers, such as physician practices, pharmacies, and post-acute providers, solutions to allow them to run their businesses more efficiently and make the care they provide more effective by sharing patient records and care plans, scheduling appointments, making payments, providing care notifications, and adhering to reporting requirements.
Updox plans to add additional services and capabilities to its platform that extend its reach into this last mile of healthcare, making this segment more accessible to, and integrated with, health systems and payers to support comprehensive care coordination and improve clinical care quality and patient outcomes.
“I’m very pleased to partner with these investors. They align well with our vision and have the depth to help us significantly expand our services to the market,” said Michael Morgan, chief executive officer, Updox. “We have succeeded in demonstrating large-scale adoption of our platform prior to raising institutional capital. Now, with support from these partners, we can accelerate our vision of fully connected healthcare coordination.”
“Updox is well positioned for continued growth, with the opportunity to transform how independent healthcare providers manage their practices and communicate with patients and other healthcare professionals,” said Ryan Engle, principal at TT Capital Partners. “We look forward to partnering with the strong management team at Updox as they grow to serve more independent healthcare providers and continue to develop new technology solutions.”
For more information about hiring initiatives and available positions at Updox, visit http://www.updox.com/careers.
Where Healthcare Connects! Updox is the industry leading healthcare care coordination solution. Named #571 on the Inc. 5000 list of America’s fastest-growing private companies, Updox is integrated with more than 70 electronic health records (EHR) and serves more than 250,000 users and 60 million patients.
Through an extensive Direct messaging network and platform of apps, Updox connects various healthcare providers, including physicians, patients, payers, pharmacies, labs and healthcare partners. Once part of the Updox network, users or partners can access a full suite of applications including secure messaging, patient portal, appointment scheduling & reminders, credit card payments, and health alerts, all with the goal of driving improved outcomes through more efficient communications and better care coordination. Connect with Updox at http://www.updox.com.
About TT Capital Partners
TT Capital Partners (TTCP) is a healthcare principal investor, collaborating with healthcare technology and services companies that have the potential be become market leaders. Leveraging the insights garnered from a unique knowledge-based platform, TTCP has invested in some of the most innovative, high-growth businesses in healthcare. TTCP is part of an independent healthcare merchant bank. For more, visit http://www.ttcapitalpartners.com.
About Tamarind Hill
Tamarind Hill provides entrepreneurial stage capital to high-growth healthcare- and supply chain-focused SaaS companies. Located in Columbus and Ann Arbor, Tamarind Hill invests primarily in the Great Lakes region of the Midwest, in management teams with strong histories and experience in their target markets. It will invest in seed stage through Series B, with the majority of investments focused on first institutional capital rounds. Learn more at http://www.tamarind-hill.com.
About Rev1 Ventures
Rev1 is a venture fund that helps entrepreneurs build great companies. Combining investment capital with a unique blend of services through our startup studio, we propel innovation for startups and corporate innovation teams. Our seasoned, data-driven team helps lay the foundation for scalable growth with the skills to evolve a product, sell to customers, and build the right team. Named a top VC investor in the Great Lakes Region, Rev1 manages a continuum of financial support from corporate and community partners, as well as the Ohio Third Frontier. Rev1 was named the Most Active VC in Ohio in 2016 by CB Insights. For more information, visit http://www.rev1ventures.com.