07 Sep Cohealo Announces Additional Funding and New Executive Hire
(BOSTON, MA) – September 7th, 2016 – Cohealo, the leader in collaborative consumption for medical equipment, has raised $2 million in additional funding led by Krillion Ventures, Romulus Capital, and Struck Capital. The funding will help Cohealo take a step closer to its goal of becoming the preeminent source for medical equipment management.
“Cohealo creates efficiency gains for industries that desperately need them,” says Krishna Gupta, managing partner at Romulus Capital. “We believe in Cohealo because it is the only company that understands how hospitals can optimize their capital spend. Cohealo is showing that it is able to turn vast amounts of unstructured data into optimization models that continue to improve over time.”
Cohealo is a pioneer in leveraging the sharing economy to mitigate outsized medical equipment-related costs in hospital systems, which typically spend tens of millions of dollars per year on equipment purchases and rentals. Despite this spend, systems average equipment utilization of just 42%. Cohealo’s cloud-based platform centralizes equipment inventory, provides complementary logistics to ensure the efficient and accurate delivery and return of equipment, and offers analytics support to optimize equipment use. The company aims to facilitate sharing among systems, thus providing the most efficient, simplest, and smartest platform to support clinicians and improve patients’ experiences.
“Cohealo’s mission is to bring the sharing economy to healthcare to help make health systems and providers more efficient and smarter through collaboration,” says CEO Brett Reed. “As our current priorities demonstrate, that mission is still what drives us, day in and day out.”
Cohealo’s recent funding will be used to support that mission, securing the appropriate runway to invest in product expansion and support for existing clients and to acquire additional customers. In support of this objective, Cohealo has hired Matthew Smith as Executive Vice President of Sales. Previously, Matthew was Senior Vice President of Sales and Marketing at Avant Healthcare Professionals. Matthew also spent 12 years in various roles at Universal Hospital Services, most recently as Vice President of U.S. Sales Operations. In this capacity, he oversaw sales strategies and operations for the entire U.S. market, which produced hundreds of millions in annual revenue.
“We are excited to have Matthew join our team at Cohealo. Matthew has the experience and the successful track record that we need to reach the next level,” Reed stated. “Additionally, he fits the collaborative culture that we have created at Cohealo, and is passionate about bringing collaboration to healthcare.”
Based in Boston, Cohealo Inc. enables health systems to centrally manage and share medical equipment across all their facilities. It provides a technology platform, complementary logistics, and analytics to support on-demand access to equipment for clinical teams, improving access to care while optimizing spend and cash flow. Cohealo has been named to Fast Company’s Most Innovative Companies List and CNBC’s Disruptor 50. To learn more about Cohealo, visit www.cohealo.com.
About Romulus Capital
With approximately $150 million in assets under management, Romulus Capital is one of the fastest-growing venture capital firms in the United States. Founded in an MIT dorm room in 2008, Romulus invests in and helps build early-stage technology and science-enabled businesses, partnering frequently with companies that leverage technology to solve problems across industries. Learn more at romuluscap.com.
About Krillion Ventures
Krillion Ventures is a Miami-based early-stage venture capital fund launched in 2014 that supports founders pioneering new markets in the finance, healthcare, transportation, logistics, and real estate sectors. For additional information, visit http://www.krillionventures.com.