ArborMetrix Gets $1.3M Financing
ANN ARBOR (WWJ) -- ArborMetrix Inc., a provider of healthcare analytics, said Monday it had boosted its Series B financing round by $1.3 million to allow the Ann Arbor-based Renaissance Venture Capital Fund and the Detroit Innovate Fund to participate.
The earlier round of Series B financing, announced in July, was led by Ann Arbor-based RPM Ventures alongside earlier investor Arboretum Ventures, also of Ann Arbor. The University of Michigan's student-run Wolverine Venture Fund also participated in the earlier investment.
ArborMetrix provides a hosted system that analyzes a health care institution's incoming data on both clinical and financial performance and analyzes it. The company specializes in quality measurement, cost efficiency and performance improvement for surgical and other acute hospital and specialty based care. The company's technology evolved from research by the company founders on improving the quality of surgical care and econometric performance measurement.
The latest investment will accelerate ArborMetrix's national market expansion to meet what is says is surging demand for its clinical performance analytics tools.
"We have followed the progress of ArborMetrix and have continually been impressed with its innovative approach to healthcare analytics," said Chris Rizik, CEO of the Renaissance Venture Capital Fund. "There is an acute need for actionable information that can increase the quality of healthcare and reduce its costs, and ArborMetrix is a pioneer, developing unique tools that will help healthcare providers to address these issues in ways that simply haven't been possible before. The bar is high for Renaissance to invest directly in a company, but we were so excited by the great promise we see in ArborMetrix that we wanted to be part of it."
The Renaissance Venture Capital Fund is a Michigan-based fund that supports the growth of venture capital in Michigan, serving as a bridge between Michigan's emerging innovation company community and its strong industrial and commercial base. It was founded out of the "Road to Renaissance" initiative of Business Leaders for Michigan, the statewide CEO organization that succeeded Detroit Renaissance. More at www.renvcf.com.
"ArborMetrix is positioned extremely well for taking a leadership role in healthcare analytics," said Adrian Fortino, vice president of Detroit Innovate. "We look forward to working with the team as they scale up nationally."
Detroit Innovate is a Southeast Michigan-focused early stage investment fund launched by Invest Detroit targeting technologies in the healthcare, transportation, advanced manufacturing and resource efficiency sectors. More at www.detroitinnovate.com.
"The local support for enabling fast-paced growth in Michigan companies is incredible," said ArborMetrix CEO Brett Furst. "We are very excited to welcome Renaissance and Detroit Innovate into the ArborMetrix fold. Their involvement in accelerating our growth will certainly open up exciting new opportunities for ArborMetrix to expand across the U.S."
ArborMetrix was founded by John D. Birkmeyer, M.D., University of Michigan George D. Zuidema Professor of Surgery and Director of the Center for Healthcare Outcomes & Policy; Douglas Staiger, John French Professor in Economics at Dartmouth and a Research Associate at the National Bureau of Economic Research in Cambridge, Mass.; and Justin B. Dimick, M.D., Henry King Ransom Professor of Surgery, Chief of the Division of Minimally Invasive Surgery, and Associate Chair for Faculty Development at the University of Michigan.
