Proving the Business Case for the Internet of Things

Validic secures investment funding of $1.25 million

Iain Morris
March 24, 2014

Mobile health platform provider Validic has secured additional investment funding totaling $1.25 million and announced several new management appointments.

The funding comes in the form of a convertible note from SJF Ventures (Durham, NC, USA) and individual angels and takes the total funding Validic (Durham, NC, USA) has received to $2.1 million.

The company has developed a technology platform for accessing data from mobile health devices, wearables and patient applications, and describes its mission as bridging the gap between healthcare companies and mobile health data producers.

It says it will use the new funding to support growth and expansion of the business.

Validic also said it had hired three key executives with experience of healthcare technology to support its expansion plans, noting that its “user population” has recently grown from three to more than 30 million.

These include John Turnburke, previously with MedFusion and Intuit Health, who will join as senior vice president of business development, and Chris Edwards, who previously worked with Allscripts and will become Validic’s senior vice president of marketing.

Ben Clark, who also previously worked at Allscripts and Intuit Health, is to join as vice president of operations.

“Combined, John, Chris and Ben have over 60 years of healthcare and technology experience,” said Ryan Beckland, co-founder and chief executive of Validic. “They will further advance our customer acquisition strategies, business partnerships and operational excellence.”

“With this funding, they will help Validic evolve our position in the mobile health marketplace to create even more value for our clients,” he added.

Calling Validic one of the “best kept secrets in the healthcare industry”, Edwards said he looked forward to working with a company that is meeting healthcare needs and powering the mobile health ecosystem.

“The last few weeks have been strong,” added Beckland. “We have closed deals with several significant clients which reinforces our solution to the marketplace.”

“We have been invited to join business discussions at the largest healthcare technology conference; we have added industry veterans to our team; we are currently hiring more staff; and, we have raised additional funding as we grow our business,” he continued. “We have great momentum, which allows us to stay focused on helping our clients thrive in this transformational industry.”
 
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