InfoBionic Closes $17 Million Series B Financing; Names Steven R. Wasserman Chief Financial Officer and William R. Swavely Senior Vice President, IT
Lowell, MA (PRWEB) November 19, 2014 -- InfoBionic, Inc., an emerging digital health company focused on creating superior patient monitoring solutions for chronic disease management, today announced that it closed its $17 million Series B financing round, adding new investors Excel Venture Management and Zaffre Investments. In addition, InfoBionic named Steven R. Wasserman as Chief Financial Officer and William G. Swavely as Senior Vice President, IT.
Closed Series B Financing
In November 2014, InfoBionic completed the second tranche of a $17 million Series B financing, closing the round. New investors include Excel Venture Management and Zaffre Investments. These new investors join Safeguard Scientifics, Inc. (NYSE:SFE), Mass Medical Angels (MA2), Broadview Ventures, The Indus Entrepreneurs (TiE), Beta Fund, Launchpad Venture Group, Cherrystone, TCA, HTC, Boynton, and Keiretsu. Proceeds from the financing will enable InfoBionic to commercialize its MoMeTM System, a remote patient monitoring platform for cardiac arrhythmia detection, in Europe and the United States.
“We are pleased to add Excel Venture Management, a knowledgeable healthcare technology investor, and Zaffre Investments, a subsidiary of Blue Cross Blue Shield of Massachusetts, to our investor group,” said Nancy Briefs, President, CEO and Co-Founder of InfoBionic. “Our investors collectively share our vision of improving patient monitoring, diagnosis and treatment. This funding is critical to commercializing our MoMe System and building out our proprietary platform.”
“We think that software plays a significant role in improving healthcare and ultimately saving lives,” said Caleb Winder, Managing Director at Excel Venture Management, who has joined InfoBionic’s board of directors. “InfoBionic’s cloud-based MoMe platform is a radical leap forward in improving cardiac monitoring, making it easier for patients to be diagnosed, leading to better care and reduced costs.”
Executive Team Appointments
Steven R. Wasserman, InfoBionic’s newly appointed Chief Financial Officer, has more than 30 years’ experience managing corporate finance, accounting, financial planning and analysis, mergers and acquisitions, investor relations, legal, and human resources. His background includes working in small and mid-sized businesses, public and private corporations, including turn-around, international, and start-up environments. In addition, he has significant Wall Street experience raising equity capital, raising debt capital, transacting mergers and acquisitions, and managing relationships with investors, investment bankers, rating agencies, and commercial banks. Steve comes to InfoBionic from AppNeta Inc., where he served as Vice President and Chief Financial Officer. Steve previously served as CFO for four other technology-focused companies including Memento, Inc.; Constant Contact, Inc.; Med-i-Bank Inc.; and ON Technology Corporation.
William “Bill” G. Swavely, InfoBionic’s newly appointed Senior Vice President, IT, has more than 20 years’ experience leading enterprise-wide IT for public and private companies in healthcare, medical devices, pharmaceuticals, contract research organizations, entertainment, private equity, and telecommunications. Recently named to the Top 100 Social CIOs on Twitter, Bill has also been a successful entrepreneur for start-ups and turn-around companies. Bill comes to InfoBionic from BioTelemetry/CardioNet, Inc., where he served as VP of Information Technology and Chief Information Officer. Bill has previously served as Chief Information Officer at VIASYS Healthcare Inc.; Chief Technology Officer, Co-Founder and Managing Partner at Enable Business Solutions LLC; and Chief Operations Officer of SecuraTrak Inc.
“It’s an exciting time for InfoBionic as we build out our team and infrastructure in preparation for commercializing of our lead product, the MoMe System,” said Briefs. “We are thrilled to have Steve and Bill join our executive team. Their respective expertise in strategic finance and enterprise technology infrastructure are invaluable components to the future success of InfoBionic. We continue to execute against our vision to improve patient monitoring, diagnosis and treatment, ultimately reducing operating and healthcare costs and, most importantly, saving lives. Our goal remains to the same—to revolutionize how chronic diseases are detected and monitored, and in turn, treated.”
About Excel Venture Management
Excel Venture Management builds companies that apply transformative technologies to solve problems in healthcare and beyond. The Excel investment portfolio is balanced across healthcare IT and services, diagnostics, and medical devices, plus life science platforms that address adjacent markets including energy, chemicals, defense and agriculture. Our investments include Tetraphase (TTPH), Aileron, Cleveland Heart Lab, Synthetic Genomics, and IlluminOss. More information can be found at http://www.excelvm.com.
About Zaffre Investments
Zaffre Investments, a wholly-owned subsidiary of Blue Cross Blue Shield of Massachusetts, is committed to adding value for consumers through new products, services, and technologies to improve the health care industry. Blue Cross Blue Shield of Massachusetts is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. We are committed to working with others in a spirit of shared responsibility to make quality health care affordable. Consistent with our corporate promise to always put our 2.8 million members first, we are rated among the nation's best health plans for member satisfaction and quality.
About InfoBionic
InfoBionic™ Inc. is an emerging digital health company that is dedicated to providing anywhere, anytime access to cardiac event monitoring with improved event detection and clinical efficacy through a lower cost business model. InfoBionic’s MoMe™ System offers superior remote patient monitoring for chronic diseases with an initial market focus on cardiac arrhythmias. For more information please visit http://www.infobionic.com.
Heather Hunter, InfoBionic, Inc., http://www.infobionic.com, +1 215-531-2225, [email protected]
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