Santa Monica, California-based TigerText, a provider of secure communications and workflow platform for the enterprise, has raised $50 million in Series C funding. Norwest Venture Partners led the round with participation from Invus Group, Accolade Partners, Shasta Ventures, OrbiMed and Reed Elsevier. In addition to the funding, Dr. Robert Mittendorff, a principal at Norwest Venture Partners, has been added to TigerText’s board of directors.
SANTA MONICA, Calif. – November 11, 2015 – TigerText, a provider of secure communications and workflow platform for the enterprise, today announced the close of its Series C funding round, adding $50 million in total financing commitments to accelerate the rapid market adoption of the Company’s messaging app and the continued build-out of its Platform-as-a-Service, “TigerConnect.” The Company also released a suite of new tools to enable organizations to enjoy seamless communication on any platform and any device, even in areas with poor network connectivity.
TigerText’s latest equity funding round was led by Norwest Venture Partners, a global, multi-stage venture capital and growth equity investment firm that manages $5 billion in capital and has funded more than 575 companies to date. Norwest was joined in the latest round by Invus Group and Accolade Partners, as well as return backers Shasta Ventures, OrbiMed, and Reed Elsevier from the company’s previous Series B financing. The additional capital will be used to advance TigerText’s market penetration, which KLAS research identified in its September 2015 report on secure messaging as the most widely adopted secure messaging solution in use in healthcare today.
Dr. Robert Mittendorff, principal at Norwest Venture Partners and board certified emergency physician, led the investment and will join the TigerText board of directors. “TigerText addresses a critical problem in the healthcare delivery landscape through their communications platform and API platform,” said Dr. Mittendorff. “Coordinating providers around patients and sequencing the multitude of process steps required to deliver efficient and quality care requires a solution like this. More than just secure communications, the TigerText offering has the potential to make healthcare safer and more efficient by reducing errors in physician consults, patient care handoffs, and improving group work inside and outside of hospitals.”
With the TigerText Anywhere initiative, the company extends its secure messaging solution to the desktop and wearables like the Apple Watch. In addition, the incorporation of the industry’s first Low Connectivity Protocol (LCP) across its offerings ensures that messages sent using TigerText will get delivered where other messaging solutions fail. A critical gap for healthcare workers is that many facilities do not allow nursing or lab personnel to carry personal phones while on the job. With the introduction of TigerText’s new desktop app, the entire care team can securely message from PCs, mobile phones, or tablet devices.
“Boston Children’s Hospital has leveraged TigerText to improve care delivery in critical areas by making team communication more efficient,” said Michael Docktor, MD, Clinical Director of Innovation of Boston Children’s Hospital, a teaching affiliate of Harvard Medical School. “The app is simple to use, which our clinicians and staff appreciate, and has led to improved communication and collaboration across a variety of settings, including our pediatric residency program, gastroenterology, orthopedic surgery, and emergency management services.”
Customers are unlocking dramatic ROI in excess of 30x the cost of the product as TigerText optimizes healthcare workflows that often still rely on antiquated communication paths from the 1980s including paging, faxing and landline phones.
Specific results from current TigerText customers include:
Saving millions of dollars a year at one hospital by shortening length of stay by 56% through improved response times
Reducing Readmission Rates by over 65% at an ACO customer
Filling prescriptions up to 50% faster at a Pharmacy customer
Seeing more than 15 additional patients per shift for a Remote Nursing Group
Optimizing post-stay patient follow-up within 48 hours to drive Medicare Reimbursement for one of the largest hospital systems in the country
TigerText Anywhere includes expanded access across multiple platforms, improved access with Low Connectivity Protocol, and significant updates to the existing mobile and web functionality:
Apple Watch – New app for Apple Watch enables speech-to-text messages, notifications and alerts, photo views; guaranteed security and compliance
Desktop – A completely new desktop app provides local access on a PC or Mac to TigerText messages; with all the functionality of the Web version
iOS – Improved UI; Do-Not-Disturb icons for users in “DnD” mode; redesigned Groups interface; and conversation muting
Android – Faster performance due to a new backend architecture using TigerText’s advanced TigerConnect platform (PaaS); more fine-grained control over user settings and directory access
Web – Conversation muting, group message status, ability to send secure messages to non-TigerText users with an email address or mobile number, and full emoji library
TigerText provides secure, real-time mobile messaging for the enterprise, empowering organizations to work securely. TigerText’s encrypted messaging platform keeps communications safe, improves workflows, and complies with industry regulations. Developed to address the security needs, BYOD policies, and message restrictions in the enterprise, TigerText is committed to keeping mobile communications secure, private and impermanent.
More than 5,000 facilities and four of the top five largest for-profit health systems in the nation, including Universal Health Services, rely on TigerText to comply with HIPAA and replace unsecured SMS text messaging that leaves protected health and other confidential information at risk. For more information visit www.linkedin.com/company/tigertext, www.facebook.com/tigertext, or www.twitter.com/tigertext.