Awarepoint Adds $14M to Fund its Continuing Expansion

6/4/12Follow @bvbigelow

San Diego-based Awarepoint, which raised $27 million in a Series F financing round last August, says today it’s raised $14 million in additional financing, with the Heritage Healthcare Innovation Fund putting up $7.5 million of the total.

A spokeswoman for Awarepoint says the new funding is not part of last year’s Series F funding, so we can assume the company is now on its Series G round. But then, who’s counting?

Existing investors filled out the balance of the deal. They include Kleiner Perkins Caufield & Byers, Cardinal Partners, Venrock, Jafco Ventures, Avalon Ventures, New Leaf Ventures, and Top Tier Capital Partners. Awarepoint, which is building out its real-time tracking technology for hospitals and other healthcare facilities, says the funding will fuel the expansion of its professional services, client management, and manufacturing capabilities.

In today’s statement, Awarepoint CEO Jay Deady says, “This strategic funding will fuel our continued growth with high-volume, high-velocity clients, including Kaiser, BannerHealth and other top U.S. health systems, as well as drive additional market growth opportunities.”

Awarepoint represents the first investment by the Heritage Healthcare Innovation Fund, a $157 million strategic venture fund backed by a group of healthcare providers and operated by the Nashville, TN-based Heritage Group, a private healthcare investment firm. The limited partnership backing the fund includes Amedisys, Cardinal Health, Community Health Systems, Health Care Service Corp., Iowa Health System, LifePoint Hospitals, Memorial Hermann Healthcare System, Trinity Health (of Novi, MI, and Vanguard Health Systems.

Awarepoint says it now provides its real-time, location-tracking technology to 186 hospitals, and is tracking nearly 300,000 radio frequency identification devices (RFIDs) affixed to everything from blood pressure monitors to patient tissue samples. The company says its technology helps hospitals manage and track assets, patients, and medical personnel. Its tags are used to monitor blood and tissue samples, increase hand hygiene compliance; and improve patient and caregiver workflows.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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