Health IT Company Lands FundingPosted: Updated:
An Evansville-based health information technology company has secured funding from Elevate Ventures. Curvo has developed a system to allow medical facilities and device companies to share information and potentially lower costs. The company says it is carving out space in a $70 billion subset of the health care market. July 16, 2013
July 16, 2013 (Indianapolis, IN) – Elevate Ventures, a private development organization that funds and assists high-potential startup companies, today announced its initial investment of $50,000 in Evansville-based Curvo, a data platform that allows hospitals, surgery centers and medical device companies to connect, share information and drive down costs. Elevate Ventures agreed to supply the maximum investment out of its Indiana Community Development (ICD) Fund, a subset of the Elevate Ventures' Indiana Angel Network Fund.
In the $200 billion healthcare supply market, Curvo leverages big data in a big way. It uses supply purchase histories and surgeon preference data from hospital and surgery centers to unlock and scale-up potential business opportunities for medical device companies, while using the resulting offer activity to drive down costs for hospital administrators.
With Curvo, hospital business professionals gain information and guidance that allows them to discern what opportunities exist to reduce costs. Medical device companies, on the other hand, get access to premium market data and actionable sales leads to optimize their sales and marketing resources.
“We are so excited to deliver a big win for healthcare providers, medical device companies and patients and communities,” said Andy Perry, Chief Executive Officer of Curvo Labs LLC. “Curvo uniquely matches hospitals, surgery centers, and medical device companies with mutually beneficial opportunities; it drives sales and marketing optimization while driving down the cost of care. It’s a win-win for everyone.”
The investment size is a fit for the company’s early-stage nature and has been made alongside other local investor groups. The funds will allow Curvo to fund software development, sales and operations and to make key hires.
“This product targets a $70 billion subset of the healthcare market,” said Ting Gootee, Vice President of Investments at Elevate Ventures. "In addition to the market need, we are enthused by Andy and Steve's industry knowledge and by their passion and vision for bringing this disruptive solution to its full potential.”
This release follows Elevate Ventures’ partnership with key community stakeholders to launch the Elevate Ventures Regional Entrepreneurship Action Plan (REAP) in Southwest Indiana. The first phase, also known as Quick Start, will provide local entrepreneurial resources and access to the firm's funds under management. Elevate Ventures manages over $80 million in funds through its 21st Century Research & Technology Fund, its Indiana Angel Network Fund, its Community Development Fund and its recently launched Diversity Fund.
"Elevate Ventures will be the catalyst that jumpstarts deal flow in our region. As the economic hub of Southwest Indiana, the City of Evansville requested the Indiana Economic Development Corporation (IEDC) to utilize funds previously designated for a local project to the Regional Entrepreneurship Action Plan," said Evansville Mayor Lloyd Winnecke. "The announcement of Curvo to Evansville proves this was the right decision."
Two funding stakeholders of the REAP echoed enthusiasm for the investment in Curvo. Carl Chapman, CEO of Vectren, stated, “Elevate Ventures’ initial investment in Curvo is a significant step toward fully implementing the REAP in the Southwest Region, and we are excited to see more companies and entrepreneurs benefit from the program through Elevate Ventures’ assistance and access to capital.”
Becky Skillman, CEO of Radius Indiana, agreed. "Curvo is a great example of innovative companies with high growth potential based in the Southern Indiana region," said Skillman. "Together, our partners in progress, along with Elevate Ventures, continue to build momentum in creating an entrepreneurial ecosystem that will ignite prosperity for businesses. We anticipate this program will help many other companies like Curvo, resulting in thriving entrepreneurial success throughout the region."¬¬
Curvo is a data platform that allows hospitals, surgery centers and medical device companies to connect, share information and drive down costs. In a market where hospitals and surgery centers purchase $200 billion in medical devices each year, Curvo provides a solution that allows hospitals and surgery centers to drive down costs and medical device companies to sell their products efficiently. To learn more about Curvo, visit www.curvolabs.com.
About the Indiana Community Development (ICD) Fund
The ICD Fund is dedicated to supporting community-interested assets focused on early-stage businesses in Indiana with high-growth potential. It is a subset of the Elevate Ventures Indiana Angel Network Fund, which is sourced from a seed and early-stage program distributed via the U.S. Department of Treasury’s State Small Business Credit Initiative. This particular fund works alongside experienced local angel investor groups to leverage their domain knowledge and desire to build thriving, innovation-based businesses in their communities. For more information about the ICD Fund, visit http://www.elevateventures.com/programs/indiana-community-development-fund.Source: Elevate Ventures