hCentive, a US-based provider of loud-based healthcare technology, has secured $35m in series A funding from an undisclosed strategic investor, according to the Economic Times.
“We were looking for investors to fund our expansion and this is when we were discovered by a very large healthcare provider in the US who has come in as a strategic investor,” hCentive CEO Sanjay Singh said. “They will invest $35 million in the company. This includes $25 million in the company and $10 million for secondary buyouts of outsiders.”
Singh added that the capital will be used to expand the company and to introduce new products and services. The round values hCentive, which provides a range of software that helps health plans and agencies to create portals or interact with marketplaces, at $150m.
“Until now we were a B2B player, but we are creating our own branded exchange and we will now have a B2C business,” Singh told the ET, adding that hCentive expects revenues tot total about $50m in 2014.