Investment supports company growth; accelerates development and launch of multidisciplinary telemedicine platform
ALPHARETTA, Ga.--(BUSINESS WIRE)-- REACH Health, Inc., a leading provider of telemedicine technology solutions for hospitals, today announced it secured $4 million in Series B funding to support its new, multidisciplinary telemedicine platform, REACH Access™. The funding was led by Council Capital, BIP Opportunities Fund LP, and C&B Capital, all of which were investors in the company’s series A financing. The funding from these top healthcare investors will enable REACH to maximize growth opportunities as more hospitals implement its comprehensive telemedicine solutions to provide the best access to specialized care.
“The benefits of telemedicine are considerable,” says Gary Peat, general partner at Council Capital. “We partnered with REACH because we believe in its ability to effect change in care delivery, improving and increasing access to specialized care in hospital medicine for patients across the country.”
“Telemedicine technology is experiencing incredible growth,” says Mark Buffington, partner at BIP Opportunities Fund LP. “Helping to fund technological advances that have a direct and tangible impact on patient well-being is a huge privilege.”
REACH’s cloud-computing telemedicine platform was originally developed to provide remote access to urgent care for stroke victims, allowing patients timely neurological care typically not available in remote, rural or underserved areas. Building upon the success of the urgent care stroke platform, REACH Access was designed by physicians to provide this same intuitive technology to span multiple disciplines, allowing specialized care to be available remotely to patients regardless of their medical needs. REACH’s telemedicine solution benefits numerous clinical environments, including emergency departments, ICUs, clinics, and in-patient facilities for neurology, pulmonology, cardiology, psychiatry and other consultations.
“Our investment partners recognize the key role telemedicine has in today’s changing healthcare environment,” says Richard Otto, president and CEO at REACH Health. “This funding will enable REACH to continue our expansion into additional markets by providing hospitals with the most advanced specialized telemedicine technology to address their strategic initiatives and extend their reach.”
About REACH Health
REACH Health, based in Alpharetta, Ga., is a healthcare technology company with a specialized focus on telemedicine solutions. The company’s technology overcomes traditional obstacles of time and distance to connect specialty physicians and patients for live consultations using comprehensive patient data in tandem with real‐time audio/video interaction. REACH’s multidiscipline solutions benefit numerous clinical environments including emergency rooms, ICUs and patient rooms for pulmonology, cardiology, neurology, psychiatry and stroke applications. For more information, visit www.reachhealth.com.
About Council Capital
Founded in 2000, Council Capital is a private equity firm with approximately $150 million of capital under management and is actively investing out of its second fund, which was raised in 2008. Council Capital primarily invests in early-growth and growth-stage companies in healthcare services and healthcare IT that emphasize innovative ways to raise quality and lower costs.
About BIP Opportunities Fund LP
BIP Opportunities Fund LP is an Atlanta-based investment firm focused on providing capital and operational support to emerging, high-growth companies. The Firm seeks to invest between $2 million to $5 million in companies with revenues up to $15 million. Investments will generally be based within the Southeast but we remain opportunistic to other domestically-based investment opportunities. Industry sectors covered include technology, healthcare, business services, franchising, and specialty finance. For additional information on BIP Opportunities Fund, please visit www.bipfund.com.
About C&B Capital
Headquartered in Atlanta, Ga., C&B Capital is a growth equity fund affiliated with Croft & Bender. Founded in 1996, Croft & Bender is an investment-banking firm that provides financial advisory and private capital raising services to middle-market and emerging growth companies. Since inception, the Croft & Bender has completed M&A transactions valued in excess of $3.6 billion and raised approximately $1.0 billion of capital for its clients.
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