Sarasota, Florida-based health care communication technology firm Voalte said on Wednesday that a Series D capital infusion of $17 million from three investors closed on July 27, bringing its total capital raised to nearly $60 million in three years.
Capital infusion by Ascension Ventures; Cerner Capital, Inc., an affiliate of Cerner Corporation; and Bedford Funding will be utilized to sustain a triple-digit growth trajectory for the privately held firm. Voalte grew revenue by 250 percent year-over-year in the second quarter of 2015, largely thanks to product innovation and its expanding customer base.
"The next phase of technology adoption is progressing from individual hospitals to multi-site health systems that need to deploy a systemwide standard for caregiver communication," Trey Lauderdale, Voalte founder and CEO, said. "Ascension Ventures and Cerner are industry leaders and recognize how Voalte solutions help hospitals improve care coordination and patient care. I'm excited about the partnership and how it will enable us to continue to push the envelope on advancing health care communication."
Investor interest was spiked by several factors, including research forecasts predicting enormous market growth, alongside industry analysts' observations that mobile communication will become key to supporting new health care delivery models.
Ascension Ventures, launched in 2001, is a subsidiary of Ascension, the nation's largest Catholic and non-profit health system. Bedford Funding is a private equity firm providing long-term capital to businesses in growing technology sectors with experienced industry focus in the health care IT sector.
Voalte develops smartphone alternatives to simplify caregiver communication, enabling care teams inside and outside hospitals to securely access and exchange information. Last quarter, 44 new sites signed with Voalte for their health care communication solutions, which are now used by tens of thousands of caregivers at more than 150 U.S. health care organizations daily.