Bedford Funding has led a $36 million Series C round in Voalte, a healthcare communications company. Raymond James health care investment banking group worked as exclusive financial advisor to Voalte.
Voalte, the leader in healthcare communication technology, today announced a major infusion of capital with $36 million in Series C funding led by Bedford Funding, a leading technology-focused private equity firm. The investment marks a significant milestone not only for Voalte but also for the evolving mobile health industry, which is poised to grow to over $10.2 billion by 2018, according to some market estimates.
“The value of smartphones in healthcare is undeniable,” said Trey Lauderdale, Co-Founder and President of Voalte. “We are thrilled to work with Bedford Funding to deliver solutions that will accelerate market growth, transform the way caregivers communicate and improve patient care. This investment also provides us with the resources to grow our company, further expand our engineering team, and build out our services and support.”
Voalte was founded five years ago in Sarasota, Florida. In 2013, Voalte nearly tripled in size and moved to a new facility in Sarasota to accommodate its rapid expansion. The 130-employee company develops smartphone communication alternatives to help improve care coordination. Voalte One™, the company’s premier application, is used by more than 35,000 caregivers in top-ranked healthcare facilities such as Massachusetts General Hospital, Cedars-Sinai Medical Center, TIRR Memorial Hermann and Lurie Children’s Hospital.
“We have signed contracts with large medical centers in major metropolitan areas as well as small community hospitals in areas as remote as Barrow, Alaska,” said Lauderdale. “And we still have hundreds of thousands of pagers, badges and legacy VoIP phones to replace in hospitals throughout the country. As the only provider of a complete Mobile Communication Strategy, we are confident that our smartphone-based platform will revolutionize the healthcare communication industry.”
With its three-part Mobile Communication Strategy, Voalte provides the infrastructure that enables care teams to communicate inside and outside the hospital, and connect with existing and future technologies. Using this approach, Voalte users can communicate via voice calls, receive alarms and alerts directly to their smartphones, and send and receive text messages securely. Voalte smartphones also can integrate with a hospital’s electronic medical record (EMR) system and act as a scanner to facilitate barcode medication administration.
“We are delighted to invest in the future development of an organization that has implemented clinical communication solutions for improved patient care in some of the most prestigious hospitals in the country,” said Charles Jones, Managing Partner at Bedford Funding.
Bedford Funding specializes in information technology investment opportunities in the healthcare and human capital management markets. This new partnership between Voalte and Bedford Funding is an indication of the increasing demand for smartphones at the point of care, and will provide Voalte with the resources it needs to transform the evolving market.
Raymond James Health Care Investment Banking Group served as exclusive financial advisor to Voalte in the transaction. Barnett Bolt Kirkwood Long & McBride P.A. acted as legal counsel to Voalte. Goodwin Procter LLP acted as legal counsel to Bedford Funding.
About Bedford Funding
Bedford Funding is a private equity firm providing $1.4 billion in long-term capital to businesses in growing technology sectors with experienced industry focus in the growing healthcare IT sector. Bedford’s team has extensive operating backgrounds providing a keen understanding of the opportunities inherent in technology enterprises. Bedford Funding was founded in 2006 with the launch of its initial fund—Bedford Funding I—and recently raised Bedford Funding II in December 2011. Bedford Funding makes investments worldwide from its headquarters in White Plains, New York. For more information, please visit the company’s website at http://www.bedfordfunding.com.
Voalte develops smartphone alternatives that simplify caregiver communication. As the only company to offer a comprehensive Mobile Communication Strategy, Voalte enables care teams inside and outside the hospital to access and exchange information securely. Voalte customers benefit from a solid smartphone infrastructure that supports their existing systems and expands to accommodate future technologies.
Founded in 2008, Voalte is a privately held company based in Sarasota, Florida. Over 35,000 caregivers use Voalte products every day. For more information, visit voalte.com or follow @Voalte on Twitter.