Funding will expand its team and product capabilities
MCLEAN, VA, October 6, 2015 – Binary Fountain, the leading provider of health care reputation management and patient experience analytics, announced today that it has closed a $16 million Series A round of financing. The additional funding will allow the company to quickly expand its team and to further develop powerful feature sets. Already deployed across some of the leading hospitals and health systems, Binary Fountain is continuing to build what it believes to be the largest scalable repository of opinion content in healthcare.
HLM Venture Partners (HLM) led the round with previous investors, Providence Health & Services and Pioneer Venture Partners, participating in the financing. “We were very fortunate to have several high-quality venture capital firms interested in our Series A, and HLM’s 30-year track record of health care investments and their reputation for leadership were simply unbeatable,” said Ramu Potarazu, CEO of Binary Fountain. “Their energy, knowledge and commitment will make them tremendous partners. In addition, Providence’s deep industry expertise and innovative culture make them an excellent partner for us along with Pioneer Ventures, both of whom have supported us from the start.”
“HLM has been closely following the changing dynamics in health care for decades. Binary Fountain is recognized as the leader in the field of sentiment mining and reputation management software,” said Ed Cahill, Partner, HLM. “The company has already achieved national scale and reputation, best-in-class partnerships and proven results for its clients; it is poised for tremendous growth over the coming months. Binary Fountain combines the powerful new waves of consumerism, transparency and actionable data analytics. The company is creating an entirely new market segment that will be critical to physicians, health systems, payers, employers and consumers.”
Providence Health & Services, the fourth largest not-for-profit health system in the United States, is partnering as both a strategic investor and an enterprise client. “We treat patients like consumers who have a choice in terms of who will care for them. This powerful tool combines social insights with our own consumer research and turns millions of words into consumable, actionable information—empowering us to improve the care experience for every person we serve,” said Orest Holubec, Providence senior vice president for Marketing and Communication.
Providence Ventures was founded in 2014 to manage a $150 million venture capital fund on behalf of Providence Health & Services. Providence Ventures aims to drive innovations across the health care system to improve quality and convenience, lower cost and create better health outcomes.
“Binary Fountain has created an innovative technology enabling health care organizations to source and analyze patient feedback in ways not previously possible,” said Aaron Martin, Providence’s senior vice president of strategy and innovation, “Binary Fountain will be an indispensable tool for health systems to improve their customer service experience.”
About Binary Fountain
Binary Fountain is the leading provider of patient feedback management solutions designed specifically for healthcare in a single cloud-based platform. Our solution suite is built around a proprietary healthcare-centric Natural Language Processing engine that mines patient feedback from surveys, online ratings and review sites, social media, and other data sources to equip our customers with the actionable insights needed to improve patient satisfaction and loyalty, increase engagement and drive sustainable bottom-line results. Leading organizations, large and small, rely on Binary Fountain™ to understand the patient experience, drive comprehensive operational intelligence throughout the organization, and engage patients with innovative reputation management solutions. For more information, visit www.binaryfountain.com or e-mail [email protected].
About HLM Venture Partners
HLM Venture Partners is a leading venture capital firm focused on health care information technology, technology-enabled health care services and medical devices. During the past 20 years, the firm has provided more than $400 million in capital to many dynamic and innovative emerging health care companies to fuel their growth and build sustainable enterprises. HLM has longstanding relationships with senior leaders of some of the country’s largest health care organizations and is an active sponsor of new, emerging health care business models and entrepreneurs. HLM is based in Boston, MA. For more information, visit www.hlmvp.com.
About Providence Health & Services
Providence Health & Services is a not-for-profit Catholic health care ministry committed to providing for the needs of the communities it serves – especially for those who are poor and vulnerable. Providence’s services include 34 hospitals, 475 physician clinics, senior services, supportive housing and many other health and educational services. The health system and its affiliates employ more than 76,000 people across five states – Alaska, California, Montana, Oregon and Washington – with its system office located in Renton, Wash. In 2014, Providence provided more than $848 million in community benefit to help create healthier communities. Providence Health & Services continues a tradition of caring that the Sisters of Providence began nearly 160 years ago.
About Pioneer Venture Partners
Pioneer Venture Partners, LLC is a Pacific Northwest technology-focused fund. As a private family venture fund, Pioneer takes an active role in assisting the leadership of its portfolio companies to drive corporate growth and value, ultimately leading to profitable businesses and increased shareholder value.