ArborMetrix has expanded its Series B funding, adding $1.3 million in seed money from a couple of local venture capital firms. The
Renaissance Venture Capital Fund and
Detroit Innovate contributed to the Series B round, which was closed last year and led by
RPM Ventures.
"They basically topped off that Series B," says Brett Furst, CEO of
ArborMetrix. "It brought the Series B to $8.3 million."
The healthcare software startup moved into a new 9,000-square-foot office in downtown Ann Arbor, across the street from Google’s office, in November. "We take up most of the second floor," Furst says.
ArborMetrix's software platform provides real-time clinical performance analytics tools for hospitals. The technology helps healthcare providers improve the quality, safety and cost-effectiveness of surgical and other specialty care. ArborMetrix currently employs 31 people, up from 16 about a year ago, who are working to boost sales and flesh out the software platform.
"Our business plan shows we will be at 46 to 47 people by the end of the year," Furst says.
The $8.3 million Series B will help fund the development of the second generation of ArborMetrix's software platform, along with its sales and marketing efforts. Furst expects the platform to be released later this year. The increased size of the Series B might mean the startup doesn’t have to raise a Series C round anytime soon, if ever. It also means it can focus on the continued growth of its venture and the local investors who supported it.
"We want to hire and grow here," Furst says.
Source: Brett Furst, CEO of ArborMetrix
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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