Private investors add $1.1M, the total investment amount related to the Series A is $2.6M
SUDBURY, Mass.–(BUSINESS WIRE)–February 18, 2015–
iGetBetter, Inc., a supplier of cloud-based post-acute care transition solutions to help healthcare providers reduce readmissions and unnecessary costs, announced today the closing of a Series A investment round. Investors in this round were private investors, and included angel investors as well as members of the iGetBetter management team. This investment round added $1.1M to the Series A. Including shares previously issued to two investors in consideration for their funding of the prototype of the iGetBetter product, the investment amount related to the Series A shares is $2.6M.
During 2014 a half dozen healthcare providers across the country have piloted the iGetBetter system, with two of these pilots having already converted to commercial contracts. Several more providers are beginning pilots in the next few weeks. Pilots include patients with congestive heart failure, total knee and hip replacements, hypertrophic cardiomyopathy, hypertension, diabetes and depression, and in some cases include patients with more than one of these conditions.
The company will use the Series A funds to complete these pilots and convert them to commercial contracts, as well as for general operations.
“We are helping healthcare providers such as hospitals, Accountable Care Organizations (ACOs) and physician practice groups reduce costs by engaging patients in their own care plans using mobile devices and consumer biometric devices. This enables clinicians to monitor patients’ biometric data as well as patients’ self-reported data, allowing clinicians to intervene when necessary to avoid unnecessary hospital readmissions and physician office visits,” said Win Burke, iGetBetter’s CEO. “We are very pleased with our first year of pilots with healthcare providers, and are gratified that these initial pilots are converting to commercial deployments of the iGetBetter system. We look forward to completing these initial pilots, and preparing for a phase of growth in 2015 and 2016.”
Boston law firm Nutter, McClennen & Fish LLP served as corporate counsel for this investment round.
Established in 2013 and headquartered in Sudbury, MA., iGetBetter, Inc., develops, markets and services a mobile, Web and cloud-based care transition solution designed to help healthcare organizations reduce readmissions by engaging patients in their treatments and recovery as they transition from hospital to home. For more information, please visit www.igetbetter.com or contact email@example.com.