Voalte, a Sarasota-based leader in healthcare communication technology, has announced $36 million in Series C funding, led by private equity firm Bedford Funding.
Healthcare communication technology in your hands, or mHealth, will only become a bigger market in coming years, predicts Voalte founder and President Trey Lauderdale.
"The mobile health industry is poised to grow to 10.2 billion by 2018, according to some reports. We believe that the industry will be as large as the electronic medical record (EMR) industry within five years,'' Lauderdale says.
The company, which launched as a startup at HIMSS
in 2009, aims to simplify healthcare communication.
Voalte One, the company's primary mobile solution, is a shared smartphone alternative that offers tailored voice calls, alarm and alert notification, and text messaging on one device. It is also HIPAA-compliant. The Voalte Me application allows caregivers outside of the hospital to connect with Voalte One users inside.
"Voalte applications help connect caregivers both inside and outside the hospital, and integrate with other hospital technologies to maximize workflow efficiency,'' Lauderdale says. "The two apps facilitate seamless communication between caregivers and improve care coordination.''
Voalte's applications are used in over 100 leading healthcare facilities like Massachusetts General Hospital, Sarasota Memorial Health Care System, and Cedars-Sinai Medical Center.
Smartphone use at the point of care is a growing trend
"There is an increasing demand for smartphones in healthcare due to the functionality of smartphones compared to legacy devices or pagers. Voalte is the only company in the industry to provide a fully integrated mobile communication strategy,'' Lauderdale explains.
He notes that the investment funds will provide Voalte with "the resources to grow the company, further expand our engineering team, and build out our services and support department.''
The company currently has 130 employees
"Voalte nearly tripled in size in 2013, and expects significant growth in 2014,'' Lauderdale says.
Writer: Justine Benstead
Source: Trey Lauderdale, founder and President of Voalte