Petabyte Technology Closes $15M Series B Funding Round
BELLEVUE, Wash., September 7, 2021-- Petabyte Technology (“Petabyte”), a leading veterinary software company, announced that it has raised $15 million through a Series B Funding Round. The funding includes investments from National Veterinary Associates (“NVA”) (a global veterinary care leader), UNAVETS (a European-based veterinary group), Norwest Ventures Partners, Halle Capital Management, and Relevance Ventures. The investment is expected to power Petabyte’s continued growth as well as industry partnerships to modernize the veterinary industry through advanced software solutions designed to improve the lives of veterinary teams everywhere.
“Petabyte’s mission has always been to simplify veterinary operations so doctors and their staff can spend more time caring for pets and their families. Over the last few years, we’ve really seen that mission become a reality through our suite of software solutions,” said Michael Hyman, Co-Founder and Chief Executive Officer of Petabyte. “This funding will allow us to collaborate with some of the most progressive industry partners to dramatically transform the hospital experience via technology for the entire veterinary community.”
Petabyte revolutionizes patient management for veterinary hospitals through its suite of software solutions. Rhapsody, the cloud-based Practice Information Management System (PIMS), and Boop, the mobile client companion app, include features such as virtual check-in, on-the-go communications, a built-in payment system, and comprehensive wellness plans.
The backbone of rhapsody is clean data (standardized by Petabyte’s proprietary migration technology, The Matcher) which also powers Petabyte Analytics, an enterprise-level analytics platform used in tandem with rhapsody or as a standalone tool.
By building such innovative elements into their software, Petabyte streamlines workflows and significantly reduces administrative burdens, enabling hospitals to deliver exceptional care to pets and their families.
Founded in 2019, Petabyte’s mission is to give veterinary healthcare practitioners greater understanding and control over their business using cloud-based technology.
Petabyte is a unique enterprise practice management solution that allows veterinary practices to run more efficient operations and deliver better patient veterinary care. Petabyte considers a practice’s needs by offering a product that emphasizes a simple design and intuitive usability. It also offers robust customer support through teams equipped to assist veterinary practices, both large and small. The company brings together unique talent with decades of experience in the veterinary industry and in building cutting-edge technology to deliver the best practice management solution on the market.
NVA is a leading global veterinary community of 1,200 independently managed veterinary hospitals providing specialty, emergency, and general medical care and more than 100 pet resorts united in the love of animals and the people who love them. Rooted in a culture of compassion, innovation and collaboration, NVA champions each hospital's unique culture and provides the support and opportunities veterinary teams need to deliver exceptional care to pets and their families. For more information, visit www.nva.com.
About Norwest Venture Partners
Norwest is a leading venture and growth equity investment firm managing more than $9.5 billion in capital. Since our inception, we have invested in more than 600 companies and currently partner with over 160 active companies in their venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.NVP.com. Follow Norwest on Twitter @NorwestVP.
UNAVETS has grown to over 43 practices and a team of over 385 employees across Spain and Portugal since January 2020. UNAVETS’ continued mission is to elevate the standard of healthcare for pets via continued professional development and operations. We offer practices that join our group real support and collaboration in HR/professional development, operations, IT, marketing/digital, finance and accounting, and facilities/equipment management via our corporate team of over 30 individuals. In December 2019, UNAVETS was financed with funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Oaktree is a leader among global investors specializing in alternative investments, managing $140 billion in assets as of September 30, 2020. Oaktree’s core European strategy manages more than €4.5 billion in assets under management. For more information, please visit UNAVETS’ website.
About Halle Capital Management
Halle Capital Management is a New York-based growth equity-focused investment firm that provides capital and strategic guidance to companies in the healthcare, consumer, and business services sectors. The firm leverages its extensive experience, robust professional network, collaborative mindset, and deep understanding of growth drivers to partner with mission-driven management teams. For more information, please visit Halle’s website.
About Relevance Ventures
Relevance Ventures is the only Native American privately owned and operated venture capital firm. Relevance Ventures provides strategic venture assistance and guidance to entrepreneurs working to foster harmony while delivering a positive communal impact. With over $115 million under management, the firm focuses on opportunities within the health & wellness and fintech/enterprise software industries. The firm specializes in identifying proven management teams with a solid business plan to bring harmony to an addressable market of at least $1 billion. Relevance Ventures was founded by Cameron and Dean Newton, and is headquartered in Nashville, Tennessee. The company is currently actively raising its fourth fund with a targeted size of $75 million. To learn more, please visit Relevance Ventures’ website.
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