Enter Your Email Address to Receive a
Copy of MedicExhange Member Demograhpics

Allocade , Inc. closed a $5 million round of venture capital financing led by VantagePoint Venture Partners.

Allocade , Inc., the developer of innovative healthcare software solutions, announced that it has closed a $5 million round of venture capital financing led by VantagePoint Venture Partners. The $5 million investment will be used by Allocade to scale to meet the increased demand for its On-Cue solution, an efficient dynamic software that is powered by an Artificial Intelligence Engine to help hospital caregivers effectively manage patient flow logistics.

"We are very excited about this financing from VantagePoint Venture Partners, a leading Silicon Valley investor," said Rick Smith, president and CEO of Allocade. "The financing will enable us to aggressively expand our sales and marketing efforts, as well as our research and development to meet the demands from new customers, and further extend On-Cue's reach throughout the hospital enterprise.

Allocade 's On-Cue solution optimizes hospital patient flow for inpatients, outpatients and emergency patients by using technology developed to manage workflow on the Hubble Space Telescope. The core of the On-Cue technology was conceived by Don Rosenthal, founder and chief technology officer of Allocade. At NASA, Rosenthal led the Artificial Intelligence Applications Group in the NASA Ames Research Center where he was responsible for the dynamic rescheduling software that optimally utilized the limited resources on the Hubble Space telescope. The On-Cue software leverages the information already available in hospital information system s ( HIS ), radiology information system s ( RIS ) and electronic medical record Systems ( EMR ).

"We are enthusiastic about Allocade's unique technology and the company's potential to turn On-Cue into a high value solution for the healthcare industry," said Eve Kurtin, Venture Partner, VantagePoint Venture Partners. "Strong momentum exists in the healthcare market for improved operational efficiencies, and it is clear that Allocade is extremely well positioned to enhance resource utilization and reduce operating costs within healthcare today."

Source: Allocade