Binary Fountain™ Closes $16 Million in Series A Funding Led by HLM Venture Partners and Providence Health & Services
October 06 2015 - 10:34AM
Business Wire
Funding will expand its team and product capabilities
Binary Fountain™, the leading provider of health care reputation
management and patient experience analytics, announced today that
it has closed a $16 million Series A round of financing. The
additional funding will allow the company to quickly expand its
team and to further develop powerful feature sets. Already deployed
across some of the leading hospitals and health systems, Binary
Fountain is continuing to build what it believes to be the largest
scalable repository of opinion content in healthcare.
HLM Venture Partners (HLM) led the round with previous
investors, Providence Health & Services and Pioneer Venture
Partners, participating in the financing. “We were very fortunate
to have several high-quality venture capital firms interested in
our Series A, and HLM’s 30-year track record of health care
investments and their reputation for leadership were simply
unbeatable,” said Ramu Potarazu, CEO of Binary Fountain. “Their
energy, knowledge and commitment will make them tremendous
partners. In addition, Providence’s deep industry expertise and
innovative culture make them an excellent partner for us along with
Pioneer Ventures, both of whom have supported us from the
start.”
"HLM has been closely following the changing dynamics in health
care for decades. Binary Fountain is recognized as the leader in
the field of sentiment mining and reputation management software,"
said Ed Cahill, Partner, HLM. "The company has
already achieved national scale and reputation, best-in-class
partnerships and proven results for its clients; it is poised for
tremendous growth over the coming months. Binary Fountain combines
the powerful new waves of consumerism, transparency and actionable
data analytics. The company is creating an entirely new market
segment that will be critical to physicians, health systems,
payers, employers and consumers."
Providence Health & Services, the fourth largest
not-for-profit health system in the United States, is partnering as
both a strategic investor and an enterprise client. “We treat
patients like consumers who have a choice in terms of who will care
for them. This powerful tool combines social insights with our own
consumer research and turns millions of words into consumable,
actionable information—empowering us to improve the care experience
for every person we serve,” said Orest Holubec, Providence senior
vice president for Marketing and Communication.
Providence Ventures was founded in 2014 to manage a $150 million
venture capital fund on behalf of Providence Health & Services.
Providence Ventures aims to drive innovations across the health
care system to improve quality and convenience, lower cost and
create better health outcomes.
“Binary Fountain has created an innovative technology enabling
health care organizations to source and analyze patient feedback in
ways not previously possible,” said Aaron Martin, Providence’s
senior vice president of strategy and innovation, “Binary Fountain
will be an indispensable tool for health systems to improve their
customer service experience.”
About Binary Fountain™
Binary Fountain™ is the leading provider of patient feedback
management solutions designed specifically for healthcare in a
single cloud-based platform. Our solution suite is built around a
proprietary healthcare-centric Natural Language Processing engine
that mines patient feedback from surveys, online ratings and review
sites, social media, and other data sources to equip our customers
with the actionable insights needed to improve patient satisfaction
and loyalty, increase engagement and drive sustainable bottom-line
results. Leading organizations, large and small, rely on Binary
Fountain™ to understand the patient experience, drive comprehensive
operational intelligence throughout the organization, and engage
patients with innovative reputation management solutions. For more
information, visit www.binaryfountain.com or e-mail
info@binaryfountain.com.
About HLM Venture Partners
HLM Venture Partners is a leading venture capital firm focused
on health care information technology, technology-enabled health
care services and medical devices. During the past 20 years, the
firm has provided more than $400 million in capital to many dynamic
and innovative emerging health care companies to fuel their growth
and build sustainable enterprises. HLM has longstanding
relationships with senior leaders of some of the country's largest
health care organizations and is an active sponsor of new, emerging
health care business models and entrepreneurs. HLM is based in
Boston, MA. For more information, visit www.hlmvp.com.
About Providence Health & Services
Providence Health & Services is a not-for-profit Catholic
health care ministry committed to providing for the needs of the
communities it serves – especially for those who are poor and
vulnerable. Providence's services include 34 hospitals, 475
physician clinics, senior services, supportive housing and many
other health and educational services. The health system and its
affiliates employ more than 76,000 people across five states –
Alaska, California, Montana, Oregon and Washington – with its
system office located in Renton, Wash. In 2014, Providence provided
more than $848 million in community benefit to help create
healthier communities. Providence Health & Services continues a
tradition of caring that the Sisters of Providence began nearly 160
years ago.
About Pioneer Venture Partners
Pioneer Venture Partners, LLC is a Pacific Northwest
technology-focused fund. As a private family venture fund, Pioneer
takes an active role in assisting the leadership of its portfolio
companies to drive corporate growth and value, ultimately leading
to profitable businesses and increased shareholder value.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151006006373/en/
Binary Fountain, Inc.Rachel WilliamsVP,
Marketing703-942-6810 ext.
350rwilliams@binaryfountain.comwww.binaryfountain.com