Phynd Technologies, Inc., a leading healthcare application service provider, announced it has secured $1.1M in Series A equity funding to accelerate the growth of its Unified Provider Management (UPM) Platform. The investment, which was oversubscribed, was led by Dallas Venture Partners, and includes participation from Boston-based serial angel investor Tony Morris, as well as all existing seed investors. This brings total investment in the company to $3.1M. Phynd will use the new funds to expand its support, sales and marketing efforts.
Phynd (pronounced 'find') works with hospitals across the country, ranging from community hospitals to large academic multi-facility health systems, to create a single operational provider profile for the enterprise. This in turn improves revenue cycles and clinical communications for the organization, and also lowers the cost of managing provider data across hospital silos. Phynd's installed customer base includes 74 hospitals, bringing the total number of physicians managed through the Phynd network to more than 240,000 or one-third of all doctors in the U.S.
'Our solution has resonated with IT administrators who have to deal with bad provider data, and we have had tremendous lift this year,' said Tom White, CEO of Phynd. 'We recently added six new health systems to our platform and have a growing pipeline. These funds will enable us to extend our reach while continuing to provide top notch service to our existing customers.'
In conjunction with the financing, Jim Duda, Managing Partner of Dallas Venture Partners, will join the Phynd Board of Directors. 'We are excited to be part of the Phynd story,' said Duda. 'Phynd is part of a growing network of health IT innovators who are solving large data problems and complementary to other investments we have in this arena. Everyone deals with data integrity, and hospitals are notorious for having data in silos. Phynd is the first solution we've seen to offer a true single source of the truth.'
About Phynd Technologies, Inc.
Launched in 2013, Phynd (http://www.phynd.com) provides a Unified Provider Management (UPM) Platform that enables healthcare organizations to unify, manage, customize, and share essential provider information across their core IT systems to improve clinical outcomes and financial results. The Phynd platform is now used in over 74 hospitals enterprise-wide to speed billing, optimize the revenue cycle, streamline workflow, improve productivity, and enhance care coordination. Phynd is headquartered in Kearney, NE, with executive offices in Dallas, TX, and was created by the co-founder of Vocada.
About Dallas Venture Partners
Dallas Venture Partners (DVP) is a privately held investment firm with offices in Dallas and Des Moines that provides seed and early stage investment for technology entrepreneurs. DVP promotes collaboration and strives to foster long term relationships with its portfolio companies, as well as with the broader venture community. In addition to Phynd, DVP's healthcare IT investments include Zest Health and Averify.