US-based healthcare software provider Binary Fountain closed a $16m series A round yesterday backed by healthcare system Providence Health and Services, through its corporate venturing unit Providence Ventures.
The round was led by venture capital firm HLM Venture Partners and also included VC fund Pioneer Venture Partners.
Binary Fountain operates a cloud-based platform that gathers and analyses patient feedback from a wide range of sources, such as social media, surveys and review websites, in order to help increase patient satisfaction and loyalty.
Concurrent with its investment, Providence Health and Services will become an enterprise client of Binary Fountain. The series A capital will go towards recruitment and further development of the platform.
Binary Fountain previously raised $5.7m in a January 2014 seed round led by Pioneer which, according to a statement by Binary Fountain this week, also included Providence.