DICOM Grid Raises $3M in Venture Debt
NEW YORK, NY, Makers of the leading cloud-based, medical image management suite has raised $34 million in total funding, adding $3 million in venture debt financing.
DICOM Grid, makers of the leading cloud-based, medical image management suite, today announced two new board members and a new Chief Marketing Officer, all with proven experience in building and scaling high-growth SaaS businesses. In addition, it has raised $34 million in total funding, adding $3 million in venture debt financing from City National Bank to the Series B equity financing led by Canaan Partners last year. These announcements speak to DICOM Grid's impressive momentum as it transforms the diagnostic image management landscape, and reflect the disruptive growth recently seen in the healthcare IT sector overall.
According to Rock Health, venture investments in digital health three-quarters into 2015 have outpaced 2014's three-quarter total with funding reaching $3.3 billion, representing 30% TTM growth. The healthcare IT market presents massive opportunities, and as the most powerful cloud-based platform for medical image management and exchange, DICOM Grid is one of the companies pushing the digital health sector forward. The company plans to use the new funds to ramp up sales and marketing efforts and accelerate product development. DICOM Grid has gained major momentum over the past year, winning the prestigious KLAS award for best medical image exchange vendor and almost doubling its customer-base, which now boasts the Mayo Clinic, Barrow Neurological Institute and Rush University Medical Center as clients. Over 500 providers share images using the DICOM Grid platform today, resulting in nearly 2 billion diagnostic images housed, driven by health systems exchanging as many as 100,000+ diagnostic images per month securely through the DICOM Grid cloud.
DICOM Grid's success not only attracted investment, but also influential new members to its board of directors and C-suite: James Ramsey, Marty RĂ©aume, and Mini Peiris, join the DICOM Grid ranks as board members and CMO, respectively. Ramsey, RĂ©aume, and Peiris share a common heritage in having helped grow SaaS pioneer NetSuite from startup through IPO, to be the leading provider of cloud business management suites with revenue in excess of $556M worldwide. NetSuite transformed the way businesses operate in much the same way that DICOM Grid is transforming the way medical images are managed in healthcare. In addition, NetSuite customers span the gamut from growing businesses all the way up to Fortune 500 enterprises. DICOM Grid tackles a similar spectrum of healthcare provider from private practice to large hospitals and complex health systems. Collectively, these three SaaS veterans give the company proven leadership to scale sales, marketing and people management as DICOM Grid reimagines the world of medical image management with a laser focus on optimizing patient care.
'Ten years ago, the pioneers were building companies like NetSuite to bring the cloud to business. Today, the pioneers are building companies like DICOM Grid to bring the cloud to healthcare. There is no more interesting, important or exciting part of the tech sector today,' said CEO, Morris Panner. 'We are thrilled to welcome new members to the DICOM Grid team who will help accelerate the business as we continue to drive innovation in healthcare.'
In addition to his role on the DICOM Grid board, James Ramsey is co-founder and board member at Vlocity Inc, the rapidly growing provider of industry-specific cloud CRM apps. He is no stranger to the life science technology space, having been an early investor at Veeva Systems, a leading provider of supply chain management to the pharmaceutical industry. James also serves on the board at SPS Commerce, the retail industry's largest trading community in the cloud. Previously, James served as the Executive Vice President of Worldwide Sales and Distribution at NetSuite Inc., where he built a worldclass global sales organization. During his tenure, NetSuite's revenue grew from $10M in annual sales to over $400M, making it one of the largest publicly traded SaaS companies in the world and the largest SaaS ERP company. Prior to NetSuite, James served in various sales management roles at Oracle Corporation.
New board member Marty RĂ©aume currently serves as the Chief People Officer at Fitbit (NYSE: FIT) and is responsible for leading Fitbit's global Human Resources initiatives. A seasoned HR executive, she has over 25 years of progressive responsibility as an HR leader and is passionate about building high performance talent and developing exceptional employees. Prior to Fitbit, Marty served as the Chief People Officer of NetSuite Inc., managing their global Human Capital practice from startup through IPO to rapid global expansion. Between her role at Fitbit and now the board of directors for DICOM Grid, Marty brings a unique perspective to the table around the intersection of healthcare technology, mobile and personal devices.
Mini Peiris joins DICOM Grid as Chief Marketing Officer. She most recently served as the CMO of OpenGov, an Andreessen-Horowitz and Formation8 backed early stage start-up. Prior to that, Mini gained invaluable SaaS experience at NetSuite Inc., where she spent 12+ years in Marketing and Product Management executive leadership roles impacting NetSuite's worldwide go-to-market programs, product direction, and industry analyst relations as they grew from early startup in 2002, to successful IPO in 2007, to a $556M+ revenue business in 2014. With DICOM Grid, Mini gets back to her roots in healthcare, having begun her career as a research scientist at Janssen Pharmaceutica.
About DICOM Grid
DICOM Grid is a healthcare SaaS company dedicated to making digital medical image management accessible to all, from anywhere. Our powerful cloud-based suite streamlines the medical image exchange process and connects patients, care providers, and facilities worldwide. We work with some of the largest hospital systems such as the Mayo Clinic, Barrow Neurological Institute and Rush University Medical Center as well as private practices, imaging centers, clinical research organizations, and health information exchanges. Discover what the power of the cloud can do for your healthcare enterprise at www.dicomgrid.com.
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