BOSTON, MA, Caresyntax, a surgical analytics and integration services company, announced an investment of $11.9 million.
The new round of funding was by Norgine Ventures, a Luxembourg-based investor supporting innovative healthcare solutions. Caresyntax will use the investment round to accelerate product development and open its new North American headquarters in Boston, building upon its established U.S business through longstanding partnerships with GE, Medtronic and Siemens.
Caresyntax helps hospitals and ambulatory surgical centers identify and manage risk, automate workflows, enhance knowledge sharing and reduce surgical variability.
"Caresyntax is spearheading the future of operating room (OR) integration by culling data from individual clinical events to drive improvements in performance and health system investments," said Dennis Kogan, caresyntax CEO. "Hospitals and health systems are exploring ways to use resources more effectively toward delivering quality improvements and favorable patient outcomes. Norgine Ventures is the ideal partner to help us assist our key constituents to drive these changes."
The caresyntax platform aggregates structured and unstructured data from OR devices, and blends it with EHR (Electronic Health Records) and other data sources to discern actionable insights. With a granular focus unique to today's data analytics products, caresyntax deciphers the causes of surgical variations and makes recommendations for fixing them, resulting in reduced readmissions, improved patient safety and better clinical workflows.
Added Kogan: "The surgical integration business is moving beyond just honing workflows to delivering real-time data metrics to reduce surgical variability."
Peter Stein, Managing Director at Norgine Ventures, said: "With our investment in caresyntax, we are supporting a rapidly growing healthcare technology company, which brings true innovation to digital operating room integration, and a tangible clinical and economic value to hospitals. Caresyntax solutions enhance productivity and efficiency in the operating room, and improve utilization and safety, ultimately leading to better clinical outcomes. This investment furthers our commitment to funding innovating businesses with the potential to transform the healthcare sector and provide economic value to patients, healthcare professionals and payers."
Used by Chiefs of Surgery, OR Managers and Quality Management officials, the vendor-neutral caresyntax platform consists of PRIME365 OR integration and qvident surgical performance management software. It addresses surgical outcomes variability, automates workflow processes, improves training protocols, and safeguards reimbursement. Usability, easy reporting and workflow automation are hallmarks of the platform.
Caresyntax will establish its first full-time U.S. operations and headquarters in downtown Boston in October with plans to add more than 10 employees by the end of 2017. The move is a bit of a homecoming for caresyntax Co-founders Kogan and Bjoern von Siemens, who lived in the Boston area while at Harvard. Recognizing the leadership of the medical and biotechnology community of Greater Boston, caresyntax decided to bring its U.S. headquarters operations to the hub.
About Norgine and Norgine Ventures
Norgine is a leading European specialist pharmaceutical company with a direct commercial presence in all major European markets. In 2016, Norgine's total revenue was EUR 368 million. Norgine employs over 1,000 people across its commercial, development and manufacturing operations and manages all aspects of product development, production, marketing, sale and supply. Norgine specialises in gastroenterology, hepatology, cancer and supportive care.
Norgine is headquartered in the Netherlands. Norgine owns an R&D site in Hengoed, Wales and two manufacturing sites in Hengoed, Wales and Dreux, France.
For more information, please visit www.norgine.com.
In 2012, Norgine established a complementary business, Norgine Ventures, supporting innovative healthcare companies through the provision of debt-like financing in Europe and the U.S. For more information, please visit www.norgineventures.com.
Caresyntax, a surgical analytics and integration services company with North American headquarters in Boston, helps hospitals and ambulatory surgical centers identify and manage risk, automate workflows, enhance knowledge sharing, and reduce surgical variability.
Converging IoT technology and surgical analytics, the caresyntax platform is used in nearly 6,000 operating rooms worldwide, transforming unstructured clinical and operational data into actionable, real-time insights. Clinical teams, as a result, enhance performance, control surgical variation and improve patient outcomes.
Partnering with GE, Medtronic and Siemens in the U.S., caresyntax is a sister company of Berlin-based S-CAPE GmbH, a global operating room integration specialist with 25 years of successful installations in Europe, the Middle East and Asia Pacific. For more information, visit www.caresyntax.com.
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