Boston-based Cohealo announced it raised $9 million Series A round led by Romulus Capital and Miami-based Krillion Ventures. The funding was composed of both equity and convertible note financing.
Cohealo is a cloud-based sharing platform that enables hospitals to more efficiently manage medical devices. They currently manage the inventory at 70 hospitals in a number of health systems, allowing hospital systems to track and oversee medical equipment use. They bring the benefits of the sharing economy most readily associated with consumer applications like Uber, Airbnb and Zipcar to managing and optimizing the utilization of medical equipment across hospitals and care facilities in health systems. The U.S. spends more than $100 billion a year on these assets; Cohealo enables the market to maximize the economic and clinical value out of each and every one of them.
The additional funding will be used primarily for adding intellectual capital as the company looks to bring on additional engineers, sales executives and support staff, and further develop the platform.
“Since day one, we have seen an enormous amount of interest in our services. In addition to our work with current clients, whose footprints include hundreds of hospitals across dozens of states, we are in talks with many of the largest multi-state health systems in the US for late 2014 / early 2015 deployment. We are on track to dramatically grow the business over the next six months with the most respected and trusted names in healthcare” shared Mark Slaughter, CEO and co-founder, Cohealo.
The startup was founded in South Florida by University of Miami students, and later relocated to Boston, but have plans to open an office in Miami soon.