Medical Software Company Secures FundingPosted: Updated:
Columbia City-based Solstice Medical LLC has landed $2.5 million in funding. The health care supply chain technology company's clients include Indiana University Health, which is planning to expand its use of Solstice Medical software statewide. August 25, 2014
COLUMBIA CITY, Ind. - Solstice Medical, a leading provider of advanced surgical supply chain software solutions for the healthcare industry, announced it has secured $2.5 million in financing. Of the $2.5 million, $ 1 million was made through the State of Indiana's 21st Century Research & Technology Fund, a direct investment program targeting revenue-generating and high potential high growth Indiana companies. The Fund is under management by Elevate Ventures, in partnership with the Indiana Economic Development Corporation (IEDC).
"I am very pleased with the capital support from Elevate and the IEDC," says Solstice CEO Todd Melioris, "as it is a testament to the market need, our solutions, and our team. Our platform allows hospitals to optimize their surgical supply chain and operating expense, while increasing provider and patient satisfaction. Our cloud-based solution allows large and small hospitals a pathway for immediate savings."
Solstice Medical is committed to transforming the healthcare supply chain by providing customers with a unified surgical supply chain platform. This actionable business intelligence surgical inventory platform enables hospitals to reduce on-hand inventory levels, improve patient outcomes, decrease wasted OR time, and dramatically improve provider and patient satisfaction scores. The system has been developed using the latest technology and can be deployed in a variety of healthcare supply chain environments-from materials management through patient billing.
IU Health, a nationally-recognized leader in technology and one of Indiana's leading healthcare systems, utilizes Solstice Medical's platform. "Solstice has configured a unique solution that hospitals and large IDNs will see as relevant to their clinical supply workflow," says Joe Arruda, Vice President, Supply Chain, IU Health. "Because of the results we have realized in such a short time, IU Health is expanding the (Solstice Medical) solution to our other statewide locations."
Investors, too, have recognized the benefits of Solstice Medical's cloud-based solution. "Solstice Medical is providing significant solutions for major pain points with its portfolio of products," says Steve Hourigan, Chief Executive Officer of Elevate Ventures. "We look forward to working with the management team to expand its sales and marketing and take advantage of market growth opportunities."
About Elevate Ventures
Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis, and robust advisory services that connect companies with the right mix of resources businesses need to succeed long-term. To learn more about Elevate Ventures, its team, and its funds under management, visit www.elevateventures.com.
About Solstice Medical, LLC
In 2008, Solstice Medical was named "Innovator of the Year" by the Greater Fort Wayne Business Weekly, and in 2010, the Indiana Economic Development Corporation named Solstice Medical one of Indiana's "Companies to Watch." For more information, visit the company's website at www.solsticemedical.com.
Source: Solstice Medical LLC