MedModus, a provider of cloud-based business intelligence solutions to hospitals and other healthcare organizations, secured €1 million (~$1.1 million) in a funding round from Davy’s EIIS Fund and Enterprise Ireland. The Davy’s EIIS fund is managed by BES Management DAC – a joint venture between BDO and J&E Davy.
The company plans to use the funds to scale its products and services in Ireland, the United Kingdom, and other countries and build sales and delivery teams to meet market demand.
“We are delighted with this investment in MedModus. It reflects our progress to date and will enable us to significantly expand our products and services in Ireland, the UK and other countries. Our vision has always been to deliver analytics-enabled improvement in healthcare and this investment allows us to fulfil that vision,” said MedModus CEO Déaglán MagFhloinn in a company press release.
Healthcare business and clinical intelligence companies raised $308 million since 2010, according to Mercom data.
The Dublin-based startup works with health and social care providers in Ireland and the United Kingdom to help them improve operational burden, reduce waiting list performance, and optimize service capacity.
“We are delighted to be investing growth capital behind a high quality and experienced team. MedModus is fast developing a reputation for delivering measurable improvements quickly. Their first-class products and a deep understanding of the complexities of all health and social care environments really sets them apart from the competition,” said Andrew Bourg partner at BDO in a company press release.
Similar technologies that received funding include:
Array Analytics, a developer of dynamic business planning and strategic optimization cloud platform for healthcare business decisions, raised $2 million.
Diameter Health, a provider of predictive clinical intelligence solutions, raised $9.6 million.
ArborMetrix, a provider of healthcare clinical intelligence and performance management solutions, raised $1.14 million.