Tissue Analytics raised a $5 million Series A round of financing, led by digital health-focused private equity firm DigiTx Partners. The startup graduated from the Dreamit Health program in 2015 and has established partnerships with major healthcare software and electronic medical records providers like Athenahealth Inc., AllscriptsHealthcare Solutions Inc. and Epic.
The round closure comes shortly after Tissue Analytics announced it would be opening its first satellite office in Kansas City, Missouri. Other investors in the round include Chinese investment firm Tencent, Dreamit, Swedish medical device company Molnlycke Health Care, Utah health care system Intermountain Healthcare and Penn Medicine.
Tissue Analytics’ mobile platform helps doctors better analyze and track wound recovery among patients (read a case study on the product here). The startup was previously backed by about $1.9 million in seed funding. CEO Kevin Keenahan said the new funding will support the expansion of the sales team in Tissue Analytics' Kansas City office, as well as the hiring of data analytics personnel in the Baltimore headquarters.
Keenahan has previously said Tissue Analytics plans to start with about six people at the Kansas City office, which will largely be dedicated to sales operations. The company's technology staff remains in Baltimore, working out of a 2,000-square-foot space in Power Plant Live. Keenahan said he plans to add about 25 employees by the end of the first quarter. Ultimately, he hopes to have as many people in the Kansas City office as in Baltimore.
Over the past several years, the startup has cultivated partnerships with major healthcare software and electronic medical records providers like Athenahealth Inc., AllscriptsHealthcare Solutions Inc. and Epic. And the Kansas City office puts the company closer so Missouri-based Cerner Corp., one of the nation's largest electronic medical records companies. Tissue Analytics works with Cerner via its "CODE" program, which allows outside developers to build applications that can run on its core systems.
Dr. David Kim, CEO of DigiTx Partners, said his digital healthcare fund is excited to support a "novel" technology like Tissue Analytics, which aims to "fundamentally change how wound and skin care is practiced."
Read more here in the Baltimore Business Journal