Funds Will be Used for Sales Acceleration and Further Product Development
Wakefield, MA – Brook Venture Partners (“Brook”) announces today that it has led a $4.5 million investment in Peminic Inc. (“Peminic” or “Company”), a healthcare IT company and a leading provider of workflow & process management software for the identification, investigation, and process improvement associated with patient safety & quality, patient relations, risk management and legal services. Proceeds will be used for sales acceleration and further product development.
“Peminic is in a perfect position to capitalize on the significant market forces affecting healthcare in the areas of patient safety, quality and risk,” said Fred Morris, a partner with Brook.
“The most influential of these forces is the recent announcements by CMS regarding non-reimbursement for certain conditions not present upon hospital admission and the Patient Safety and Quality Improvement Act of 2005. Right behind these are the pressures from states, JCAHO and other entities regarding the adoption of standardized methodologies for collection and transmittal of safety and quality information. Peminic’s impressive customer base, existing products, and key new products in development make it a strong bet for heavy adoption and growth.”
“The proceeds from this financing are well timed to complete the development of our eSurveillance products for Patient Safety & Quality,” said Michael Graham, CEO of Peminic. “These solutions interact with other hospital systems to electronically identify exceptions to the standard of care and facilitate real and near real-time investigative workflow. Improving the identification and investigation of these events is critical to achieving more effective improvement initiatives, with the goal of reducing adverse patient safety events, improving quality, avoiding the financial hardships associated with those events, and reducing overall risk.
Peminic is pleased to include Brook Venture Partners along with its existing investors, Hudson Venture Partners of New York City and Sand Hill Capital of San Francisco.”
About Peminic Inc.
Peminic Inc. is a healthcare IT workflow and process management software company focusing on healthcare providers across the continuum of patient care. Founded in 2002, the Company has rapidly become a leading solutions provider in the areas of patient safety & quality, patient relations, risk management and legal services. Peminic Inc. is based in Philadelphia, PA. For more information, call (888) 524-4022 or visit www.peminic.com.
About Brook Venture Partners
Brook Venture Partners provides expansion stage capital through Brook Venture Fund I, Brook Venture Fund II and other co-investment funds to Information Technology and Medical Technology companies located in the Northeastern United States. The firm focuses on investments of $2–$5 million and specializes in both financing and providing the strategic and planning support necessary to rapidly scale and accelerate sales and marketing activities. Brook is headquartered outside Boston in Wakefield, MA. For more information, call 781-295-4000 or visit www.brookventure.com.