HAYWARD, Calif., Oct. 19 /PRNewswire/ -- Concuity, the leading provider of contract revenue cycle management solutions for the healthcare industry, today announced that it has closed $8.3 million in latest round of venture funding. Lead by Gabriel Venture Partners, the round included Concuity’s existing investors Mobius Venture Capital, Three Arch Partners and Versant Venture Capital. In conjunction with the close of the financing, Concuity also announced the appointment of Navin Chaddha to its Board of Directors. Navin is General Partner at Gabriel Venture Partners.
Concuity President and Chief Executive Officer Robert Watson commented, “As the healthcare industry continues to seek ways to wrest control over its finances, we continue to see strong and growing demand for our product and services. Our clients have seen excellent results and the industry is becoming more aware of the value of our system,” he said. “We are looking forward to working closely with Gabriel Venture Partners and are pleased to have the continued support of our current investors,” Watson continued.
Navin Chaddha underscored Watson’s view of the healthcare market and the company’s place in it, commenting, “We are excited to lead this round of investment in Concuity as the company’s software and service solution has amply proven itself. Concuity has an impressive list of customers who are successfully using the company’s solution to improve their cash flow, and this gives us confidence that Concuity has a very strong future.”
The new funds will be used to enhance Concuity’s sales and marketing organizations for deeper market penetration, as well as to strengthen customer service and support operations for client retention and account growth.
About Gabriel Venture Partners
Gabriel Venture Partners(R) is a hands-on, early-stage venture capital firm with more than $260M under management across its offices in Silicon Valley and the Mid-Atlantic. Gabriel’s team of investors actively partner with portfolio companies and leverage their combined operating experience to provide value through customer and partner introductions, as well as assistance with go-to-market strategy and positioning. Gabriel focuses on specific sectors of information technology, including Wireless, Disruptive Technology Components, Infrastructure Software & Systems, and Enterprise Software & Services. Representative investments include Placeware (acquired by Microsoft), IPWireless, Iridigm (acquired by Qualcomm) and Netscaler. For more information, please visit: http://www.gabrielvp.com/.
About Concuity
Concuity, Inc. increases hospital revenue by identifying and correcting payer non-compliance issues in the contract revenue cycle. Founded in 2000, Concuity improves its customers’ bottom lines by delivering technology and services to create and negotiate better contracts, ensure accurate implementation and compliance, and collect what’s owed. Clients include Sutter Health, Stanford Hospitals and Clinics, Henry Ford Health System, The Cleveland Clinic, Covenant Health System, St. Joseph’s Health System, and Providence Health System. Concuity is headquartered in Hayward, California, with offices throughout the U.S. For more information, call 866-342-4636 or visit http://www.concuity.com/.
CONTACT: media, Dan Conley of Beacon Communications, +1-312-593-8461, or dconley@beaconpr.com, for Concuity, Inc.; or Tracy Barba of Gabriel Venture Partners, +1-650-551-5000, or PR@GabrielVP.com.
Concuity, Inc.
CONTACT: media, Dan Conley of Beacon Communications, +1-312-593-8461, ordconley@beaconpr.com, for Concuity, Inc.; or Tracy Barba of Gabriel VenturePartners, +1-650-551-5000, or PR@GabrielVP.com
Web site: http://www.concuity.com/