Medicom Technologies Closes Oversubscribed $21.8M Series B Financing

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Nov 18, 2021, 08:58 ET

RALEIGH, N.C. and PHOENIX, Nov. 18, 2021 /PRNewswire/ -- Medicom Technologies, Inc., creator of the first decentralized health information network in the U.S., completed a $21.8M Series B financing round. The round was led by existing investor Oval Park Capital, with participation from Vocap Partners, Grayhawk Capital, and Cone Health Ventures. Medicom will use the Series B funding to expand operations and further invest in its software platforms, a first-of-its-kind health information network, and deepMed, the industry-leading real-world data marketplace.

Medicom's Network enables healthcare providers with real-time access to a patient's longitudinal medical history, enhancing the value and quality of care.

Medicom launched its health information network in 2017 and quickly established itself as a leader in the radiology interoperability space with its Imagex offering. Medicom has since expanded its platform to address diverse clinical and operational data access needs. Health systems such as Sanford Health and the VA leverage Medicom's Network to streamline operations and improve data exchange throughout the patient care continuum.

Current customer Cone Health made a strategic investment. Rick Pro, Chief Data and Analytics Officer, shared that "Medicom is helping us leverage our data in new and innovative ways to advance new health care solutions and provide better care to our patients."

Medicom's Network is the fastest-growing in the US. With over 3,500 unique EMR and PACS integrations, providers have the data and insights to deliver on the promise of high-value personalized healthcare.

deepMed puts previously unavailable data into the hands of leading researchers.

The company's second offering, deepMed, connects research departments at health systems with data consumers at life science, AI, and medical device companies. Previously offered on a select basis, "this funding enables Medicom to bring deepMed to a broader market, accelerating research in critical disease areas through data access and curation," said Michael Rosenberg, Medicom's CEO and Co-Founder.

Welcoming Vocap Partners and Grayhawk Capital brings new operating experience in Healthcare IT and Software-as-a-Service (SaaS).

Vocap Partners Co-Founders Vinny Olmstead and Patrick Welsh, along with Grayhawk Capital, bring deep healthcare and SaaS operating experience. Vinny Olmstead will join the Medicom Board of Directors.

About Oval Park Capital
Oval Park Capital is an early-stage venture capital firm that invests primarily in deep technology companies in underserved markets. Oval Park seeks to invest early and be an active value-added partner to companies that are commercializing disruptive technologies to solve complex and costly problems in large, inefficient global markets.

About Vocap Investment Partners
Vocap Investment Partners provides venture capital and operating expertise to rapidly growing enterprise software companies in high potential verticals, including: Healthcare IT, Future of Work, and Revenue Technology. Vocap Partners Co-Founders Vinny Olmstead and Patrick Welsh bring deep experience in scaling Healthcare and Healthcare SaaS companies.

About Grayhawk Capital
Based in Scottsdale, Arizona, the partners of Grayhawk Capital are a seasoned and cohesive management team with 80+ years of collective experience over 10 venture funds. Their track record and strong returns are based on an investment model providing post revenue Series A and Series B funding to the dynamic and rapidly growing SaaS market in emerging tech hubs. Investing out of Fund III, Grayhawk focuses on mobile computing, cloud, security, enterprise & application software, business intelligence, healthcare IT, and financial.

About Cone Health
Cone Health is a not-for-profit health care network serving people in Alamance, Forsyth, Guilford, Randolph, Rockingham and surrounding counties in North Carolina. Cone's brand promise – We Are Right Here With You – is shared by the more than 13,000 employees, 1,800 physician partners and 1,000 volunteers. As one of the region's largest and most comprehensive health networks, Cone Health has more than 100 locations, including five hospitals, three ambulatory care centers, three outpatient surgery centers, five urgent care centers, two retirement communities and more than 120 physician practices. These include primary and specialty care through Cone Health Medical Group and Triad HealthCare Network.

About Medicom
Medicom is a healthtech company dedicated to accelerating access to clinically relevant data for healthcare delivery and advanced research. Medicom enables providers, patients, and research organizations to search and share data across disparate ecosystems through a decentralized health information network. Data and insights from the Medicom Network help clinicians and researchers advance patient care and aids in the development of new therapies.