Farmington, CT (May 7, 2007) - Premise Corporation, a leading provider of clinically-focused software solutions to optimize patient flow, has completed a round of Series B financing for $6.3 million. Investors include Aetna Ventures, LLC, Connecticut Innovations, Inflection Point Ventures, Milestone Venture Partners and certain individual investors.
Premise Corporation will use the funding for two key initiatives: product development, as well as sales and market expansion. Premise’s software solutions improve patient flow, hospital staff workflow, communications and decision-making across the entire healthcare system, from patient arrival through bed placement, discharge and bed turnover. The growth capital will enable Premise to further develop its full suite of patient flow and resource management products and provide next-generation solutions that integrate RFID (radio-frequency identification) technology for patient and resource tracking, embedded voice commands and integration with mobile devices such as PDAs for real-time communication updates and workflow prompts.
“We are proud that many of the nation’s finest hospitals and health systems continue to choose Premise to help optimize patient flow and resource management,” says Eric Rosow, chairman and chief executive officer of Premise Corporation. “The addition of this strong team of investors strengthens our industry leadership position even further and provides additional sources of capital as we continue to grow.” Rosow also notes Premise Corporation’s aggressive growth during 2007, stating that the company doubled revenue growth and increased new business by 275%.
“Through our fundraising, Premise is in a great position to more effectively capitalize on our market momentum, expand strategic partnerships and accelerate the evolution of our products,” notes Kevin Fahey, chief operating officer and chief financial officer of Premise Corporation.
“Premise Corporation’s commitment to access to care and provider efficiency via its patient flow solutions attracted Aetna Ventures,” states Adam Grossman, managing director of Aetna Ventures. “Through Premise, patient delays are decreased, which ultimately results in better care, fewer medical errors and earlier discharges.”
“Premise has a number of key strengths that attracted our attention,” states Jeffrey Davison, general partner of Inflection Point Ventures. “Its technology is not only innovative, but also solves a critical problem in hospitals and health systems. The company has also been successful in attracting a number of ‘blue chip’ customers such as the UCLA Medical Center, Hartford Hospital, Banner Health System, Yale New Haven Health System and Massachusetts General Hospital.”
Premise also plans to expand its infrastructure, adding associates with expertise in hospital software implementation and support, sales, and software development. The expanded workforce will enable Premise to maintain its firm commitment to client relationships and service excellence, as the Premise client base has more than doubled in the last twelve months.
# # #
About Premise
Premise Corporation (www.premiseusa.com) is a leading provider of integrated and clinically-focused software solutions that optimize patient flow, streamline communications, enhance operational efficiency, and empower knowledge-based decision making. Premise optimizes the delivery of healthcare services by prompting workflow and facilitating the widespread use and visualization of real-time operating data. Premise offers the industry’s most intuitive systems for bed placement, management and turnover; transport, environmental services, and decision support, and has been serving the healthcare industry for over 12 years.
About Aetna Ventures, LLC
Aetna Ventures, the corporate venture capital arm of Aetna, makes targeted equity investments in companies engaged in developing innovative health care products and technologies. Aetna Ventures seeks to invest in and partner with entrepreneurial companies that share Aetna’s goals of advancing affordability and simplicity in health care and enhancing the quality of care. Investments are generally targeted toward companies that focus on health care services, health care IT and medical devices.
About Connecticut Innovations, Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About Inflection Point Ventures
Inflection Point Venture (IPV) provides venture capital and business support for early stage technology companies with the potential to generate rapid growth in revenue, profitability, and shareholder value. IPV focuses on businesses whose technology holds potential to fundamentally change markets, seeking companies who can cause an inflection point in demand -- who can introduce new, high value-added products and services, upset the status quo, and capture market leadership. IPV invests primarily in pre and post-revenue companies seeking their first round of equity financing, helping with recruiting, ongoing development of business plans, product management and distribution strategy. www.inflectpoint.com
About Milestone Venture Partners
Milestone Venture Partners (MVP) is an early stage venture capital fund with $42 million under management. MVP focuses on technology-enhanced service businesses in the New York metropolitan area. The firm is managed by veteran venture capitalists, Richard J. Dumler and Edwin A. Goodman, and an experienced information technology and financial professional, Todd T. Pietri. www.milestonevp.com