ArborMetrix Receives Additional $1.3 Million in Series B Financing From Renaissance Venture Capital Fund and Detroit Innovate Fund
National Market Demand for Performance Analytics for Surgical and Specialty Care Surging
ANN ARBOR, Mich., February 10, 2014-- ArborMetrix, Inc., a leading provider of real-time healthcare analytics, today announced that it has increased its Series B financing by $1.3 million to allow Renaissance Venture Capital Fund and Detroit Innovate to participate.
The earlier round of Series B financing, announced in July, was led by RPM Ventures (RPM) alongside existing investor Arboretum Ventures. Wolverine Venture Fund also participated in the earlier investment.
The latest investment will accelerate ArborMetrix's national market expansion to meet surging demand for its proven real-time, risk-adjusted clinical performance analytics tools. ArborMetrix's analytics enable healthcare providers and payers to improve the quality, safety and cost-effectiveness of surgical and other specialty care.
"We have followed the progress of ArborMetrix and have continually been impressed with its innovative approach to healthcare analytics," says Chris Rizik, CEO of the Renaissance Venture Capital Fund. "There is an acute need for actionable information that can increase the quality of healthcare and reduce its costs, and ArborMetrix is a pioneer, developing unique tools that will help healthcare providers to address these issues in ways that simply haven't been possible before. The bar is high for Renaissance to invest directly in a company, but we were so excited by the great promise we see in ArborMetrix that we wanted to be part of it."
The Renaissance Venture Capital Fund is a Michigan-based fund that supports the growth of venture capital in Michigan while serving as a bridge between Michigan's emerging innovation company community and its strong industrial and commercial base.
"ArborMetrix is positioned extremely well for taking a leadership role in healthcare analytics," said Adrian Fortino, Vice President of Detroit Innovate. "We look forward to working with the team as they scale up nationally."
Detroit Innovate is a Southeast Michigan-focused early stage investment fund targeting technologies in the healthcare, transportation, advanced manufacturing and resource efficiency sectors.
ArborMetrix CEO Brett Furst stated, "The local support for enabling fast-paced growth in Michigan companies is incredible. We are very excited to welcome Renaissance and Detroit Innovate into the ArborMetrix fold. Their involvement in accelerating our growth will certainly open up exciting new opportunities for ArborMetrix to expand across the U.S."
TWEET THIS: .@ArborMetrix secures $1.3 M from @RENVCF, @DetroitInnovate to help expand nationally to meet demand for #clinical performance analytics
About the Renaissance Venture Capital Fund
Formed out of the groundbreaking "Road to Renaissance" initiative of Business Leaders for Michigan, the Renaissance Venture Capital Fund (RVCF) is the largest privately funded organization of its kind in the US. The investors in Renaissance recognized the importance of venture capital in the economic growth of the State as well as the financial rewards available to investors who mine the treasure of research and innovation present at Michigan's world-class universities, institutions and corporations. Through its investment in top tier venture firms that are active in Michigan, as well as its own co-investments in emerging Michigan companies, the Renaissance Venture Capital Fund is helping to drive forward both innovation and growth of emerging companies in the region. For more information, visit http://www.renvcf.com/.
About Detroit Innovate
Detroit Innovate was launched by Invest Detroit as an early stage fund to fuel high-growth companies in the Detroit Region. The fund is part of Invest Detroit's family of funds that serve as catalysts for targeted economic development. The fund targets enabling technologies in the healthcare, transportation, advanced manufacturing and resource efficiency sectors.
ArborMetrix, Inc., based in Ann Arbor, Mich., is a healthcare analytics and software firm specializing in quality measurement, cost-efficiency and performance improvement for surgical and other acute hospital and specialty-based care. The company focuses on developing rigorous data analysis and actionable business intelligence solutions that raise the bar on quality, performance, utilization and cost-efficiency for hospitals, health systems, specialty societies, quality collaboratives and health plans. ArborMetrix's unique, cloud-based technology evolved from groundbreaking research by the company founders on improving the quality of surgical care and econometric performance measurement. For more information, visit www.arbormetrix.com, email email@example.com or call 734-661-7944, ext. 7008.
Venture Capital Database