Halfpenny Tech Secures $2.6 Million in VC Funding

Halfpenny Technologies has secured $2.6 million in VC funding co-led by Osage Venture Partners and Milestone Venture Partners. LORE Associates also participated in the round. Blue Bell, Pa.-based Halfpenny is a health information exchange services provider.

PRESS RELEASE

Halfpenny Technologies, Inc., a leading provider of clinical data integration solutions specializing in laboratory, pathology and physician electronic medical record (EMR) system interoperability, today announced that it has secured $2.6 million in venture capital funding co-led by Pennsylvania-based Osage Venture Partners and New York-based Milestone Venture Partners. LORE Associates, a Philadelphia-based angel group also participated in the round.

“We are extremely pleased to have the support of investors who affirm our vision of providing innovative clinical data integration solutions for hospitals and laboratories,” said Jerry Baker, CEO of Halfpenny Technologies. “With this financing, the company is well-positioned to deliver its Lab Hub platform to meet the increasing demand for products that support Laboratory Outreach, Health Information Exchange (HIE) and Regional Extension Center (REC) initiatives.” The Lab Hub platform enables computerized order entry (CPOE) and results reporting interfaces between hospitals, laboratories and physician EMR systems. It also fulfills downstream requirements for viewing normalized, LOINC-mapped (Logical Observation Identifiers, Names and Codes) data for chronic disease management and other population health management goals.

For the past decade, Halfpenny’s healthcare connectivity and integration solutions have been connecting physician EMR systems with hospitals and laboratories. In just the past two years, the company has connected EMR systems in 1,500 practices to hospitals and labs. Halfpenny has successfully worked with EMR systems from more than 100 different vendors, enabling computerized physician order entry (CPOE) and structured laboratory results reporting. Additionally, the company’s solutions satisfy the HEDIS clinical data reporting requirements for health plans. Halfpenny’s products and services are helping physicians and hospitals meet the laboratory related provisions of the HITECH Act’s meaningful use criteria for CPOE, results reporting and quality reporting.

Halfpenny also offers a Web-based portal that enables physicians to order laboratory procedures and review results through a standard Web browser. The company’s mobile results reporting solution is enabling hospitals and labs to provide physicians with critical value alerts and results reporting on smart phones such as the Apple iPhone, Motorola Droid and Blackberry Torch.

“Halfpenny’s strong technology platform, domain expertise and solid business strategy combined with its growing client base have positioned the company to move to the next level, and we look forward to partnering with Halfpenny in meeting the needs of the evolving healthcare market,” said David Drahms, vice president at Osage Venture Partners. “We are excited to support Halfpenny’s efforts to extend its reach in the healthcare space and to facilitate information sharing among a variety of healthcare constituents, thereby improving efficiency, enhancing care delivery and reducing healthcare expenditures,” added Todd Pietri, general partner at Milestone Venture Partners. Mr. Drahms and Mr. Pietri will serve on the Halfpenny Board of Directors.

About Halfpenny Technologies, Inc.

Halfpenny Technologies is a leading provider of healthcare connectivity and integration solutions for Health Information Exchange. The company utilizes its depth of knowledge and real world clinical experience to meet the increasing demand for connectivity to physician electronic medical record (EMR) systems. Through its proprietary Integration Technology Framework™ (ITF), Halfpenny Technologies delivers clinical data integration and connectivity solutions that enable hospitals and laboratories to receive, process and respond to physician-initiated requests for ancillary services. Halfpenny’s targeted solutions cover the full spectrum of health information exchange to provide reliable, secure and efficient exchange of clinical information while also facilitating the flow of patient, financial and administrative data between physician practices, laboratories, hospitals and health plans. The company has established a national reputation for delivering innovative integration and connectivity technology solutions for its clients. For more information, visit www.halfpenny.com.

About Osage Venture Partners

Osage Venture Partners, located near Philadelphia, PA, is a leading provider of venture capital to early stage technology and healthcare IT companies in the Mid-Atlantic region. Additional information is available at www.osagepartners.com.

About Milestone Venture Partners

Milestone Venture Partners, located in New York City, is an early-stage venture capital fund with $70 million under management. Milestone’s investment strategy is focused on capital-efficient, technology-enhanced services businesses in the Greater New York region. Areas of expertise include media and marketing services, healthcare IT, and financial services IT. For more information about Milestone, visit www.milestonevp.com.

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