Woundtech Nabs $40 Million Series A Funding Round
Published: Aug 09, 2016
FORT LAUDERDALE, Fla., Aug. 9, 2016 /PRNewswire/ -- Woundtech (Podicare Services, Inc), a wound management technology company, today announced it has closed a $40 million investment by Aldrich Capital Partners ("Aldrich").
The investment will be used to fuel Woundtech's growth and expansion to provide wound care management, services and workflow software-as-a-service ("SaaS") solutions to healthcare providers and patients. The Fort Lauderdale-based company provides wound management services to over 35 major health plans and over 250 Managed Services Organizations (MSO), Independent Practice Associations (IPA) and large medical groups representing over 4 million insured patients in the U.S. and Puerto Rico.
"This investment highlights our view that wound management services is a rapidly growing 50 billion dollar a year industry in the U.S. and expected to grow to over 200 billion dollars in the next several years," said Mirza Baig, a Partner at Aldrich. "Like other telemedicine and analytical platforms from the last decade, Woundtech is bringing a new level of service and management to an industry still reliant on misaligned hospital-based programs and expensive and inappropriate therapies. We are proud to be a long-term partner of the Company."
Over the past two years, Woundtech has aggressively grown its client base, while introducing new solutions including technology portals and distributed support across five states and over 4 million patients.
"Woundtech has lowered direct costs to healthcare payers by an average of 70%, reduced wound related hospitalizations by 95% and reduced expensive unproven treatment modalities by over 95%," said Jeffrey Galitz M.D., DPM, FACFAS, DABPS, the CEO and founder of Woundtech. "We do all of this while increasing access to care for patients by treating patients where ever they reside such as in the comfort of their own home.
"Aldrich's investment will allow Woundtech to further expand our rapidly growing footprint and add additional related service lines. Woundtech's partnership with Aldrich will also allow us to focus on health care systems outside of the US where wound care is a significant driver of costs and hospitalizations," Dr. Galitz said. "We are energized to have the support of Aldrich to redefine woundcare."
Woundtech, a Ft. Lauderdale, FL-based company, provides comprehensive wound care, via a telehealth-based platform, to health plan and medical group patients residing in private homes, Skilled Nursing, and Assisted Living Facilities.
Woundtech's solution brings the wound care center to the patient utilizing Woundtech's wound care specialists on the ground along with a telemedicine platform and proprietary analytics and software. Woundtech's focus on improved outcomes, lower costs and advanced data reporting has propelled its rapid growth. Woundtech employs physicians, podiatrists, nurse practitioners and physician assistants who utilize Woundtech's advanced treatment platforms.
About Aldrich Capital Partners
Aldrich Capital Partners ("ACP") is a private equity firm that focuses on investing in growing entrepreneurial companies in the healthcare IT, FinTech, business services and enterprise software sectors. ACP works closely with entrepreneurs and executives to grow private businesses and utilize our network of relationships, resources and expertise to help company owners achieve their growth objectives. Mirza Baig and Raz Zia lead ACP and have a proven track record of successfully helping build innovative businesses. These companies have been taken public, sold to strategic investors or been successful as ongoing standalone entities. ACP's partners have led investments in multiple franchise-defining companies including BenefitFocus, iHealth Technologies, Imaging Advantage, TrialCard, Streamlined Medical and CambridgeSoft. For more information visit: www.aldrichcap.com.
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