US-based healthcare IT (information technology) management company Medventive, backed by Ascension Health Ventures, has secured $12.9m of funding, according to two separate filings with the US Securities and Exchanges Commission on Thursday. Of the funding, $12m was equity, with the other $900,000 in debt financing. The company is also backed by National Healthcare Services, which is the venture affiliate of not-for-profit healthcare company the MemorialCare Health System.
The latest financing was provided by venture capital (VC) firms Core Capital Partners, HLM Venture Partners and Excel Medical Ventures, all of which are existing investors. All three also contributed to the $1.5m of debt funding raised by Medventive in May.
Medventive’s series C round closed in July 2010, having raised $10m from Core Capital , Excel and HLM, as well as VC funds Clarian Health Ventures and Long River Ventures.
Prior to that, HLM and Long River participated in Medventive’s series B round, which raised $3.5m in May 2008, and its series A round, which closed at $4.7m in December 2006.
Formed as the managed care Information Technology unit of healthcare provider CareGroup in 1997, Medventive changed its name from the Provider Service Network and spun-off in 2005. Medventive continues to work in the healthcare management sector, but has not yet stated how it plans to invest the capital.