NASHVILLE, Tenn.--(BUSINESS WIRE)--AngelEye Health (“AngelEye” or the “Company”), a leading provider of patient and family engagement solutions for hospital neonatal, pediatric intensive care, and nursery units, today announced the completion of its Series B funding, bringing the Company’s funding to date to approximately $20M. The new financing will be used to accelerate the organization’s rapid expansion, including growing its team of talent and expanding its product research and development function. The Series B financing was led by Brad Whitmore and Mountain Group Partners (“MGP”), with participation from SeedtoB Capital and the Rash Family Office.
Since its launch in 2014, AngelEye has built a diverse portfolio of resources designed to support the current and future needs of the highly specialized NICU and PICU. The Company’s current offering includes four complementary solutions accessible on AngelEye's comprehensive HIPAA-compliant platform that features advanced communication and engagement resources for NICU clinical teams and the families that they support.
“AngelEye Health clearly has a differentiated platform and superior offering relative to its competitor’s product,” said Brad Whitmore. “The Company’s clinically focused approach and diverse team have enabled great success to this point – we look forward to supporting AngelEye with this financing as it works to further capitalize on the opportunity ahead.”
“Mountain Group Partners’ investment strategy has always focused squarely on supporting companies like AngelEye Heath that are developing transformational technologies that improve the lives of others,” said Byron Smith, Managing Director, Mountain Group Partners. “Since the onset of the pandemic, the full applicability of AngelEye’s family engagement solutions has been realized. Now, with this Series B funding, we are excited to partner with Bradford Whitmore, SeedtoB Capital and the Rash Family Office in support of what the AngelEye team is building to elevate the neonatal experience now and into the future.”
“SeedtoB invests where technological innovation meets a mission-driven mindset which is what made participation in AngelEye Health’s Series B an attractive opportunity for our firm,” said Eller Kelliher Partner, SeedtoB. “By empowering parents with innovative solutions that allow them to become a part of the care team throughout their child’s stay in the NICU or PICU, they are having a profound impact on the family’s hospital experience, as well as their journey home.”
“The Rash Family Office is dedicated to investing in companies who are changing how healthcare is delivered,” said Marty Rash, Rash Family Office. “In my long-term experience, I’ve learned what makes an impact in hospital settings. AngelEye Health’s relationship approach has differentiated it in the market and presents a compelling value proposition to hospitals, improves family satisfaction and enhances patient outcomes. I am excited that Emily Rash will be representing us on the Board of Directors.”
In the past three years alone, the Company has grown exponentially, more than tripling its annual revenue, growing its employee base to 39, a 5x increase since 2018, and expanding its extensive client list to 125+ partners across the U.S. With the proceeds from this Series B investment, AngelEye is well-positioned to expand on that success, growing its product offering and customer base to ensure that its hospital partners' needs are met.
“AngelEye Health understands the essential role that family-integrated care plays in all aspects of neonatal and pediatric care, and, as an organization, we are so proud of what we’ve accomplished to date making this a tangible reality for the hospital partners we serve,” said Christopher Rand, CEO, AngelEye Health. “We are looking forward to building off this success by continuing to grow and refine our product portfolio in order to meet the evolving needs of the hospital partners we serve.”
AngelEye has nearly a decade of experience in patient and family engagement in pediatric and neonatal intensive care environments. The Company’s proven family engagement platform integrates parents simply and seamlessly into the child’s care team, addressing bonding, patient progress and treatment communication, feeding, and focused education. In 2022, AngelEye is on pace to deliver nearly 10 million virtual bedside visits.
About AngelEye Health
AngelEye Health has a deep understanding of the value that both family engagement and family-centered care bring to the neonatal and pediatric intensive care environment. We provide a complete HIPAA-compliant platform to integrate parents simply and seamlessly into the child's care team. Our approach has a proven, positive impact on the quality of the family experience, care delivery workflows for the dedicated bedside team, and patient outcomes. From admission to discharge, AngelEye positively impacts staff, families, and patients along the journey and ultimately to a successful transition home. From bonding, patient progress and treatment communication, feeding, and focused education, AngelEye offers a portfolio of solutions for supporting the highly specialized needs of the NICU and PICU today and of the future. The Company was recently named to the Inc. 5,000 listing of America's Fastest-Growing Private Companies. For more information, visit www.angeleyehealth.com.
About the Investors
About Bradford Whitmore, Independent Investor
Brad Whitmore is a successful investor who has targeted a broad range of investments across various industries with an emphasis on businesses with long-term, sustainable competitive advantages and unique offerings relative to competitors.
Mr. Whitmore’s investment focus is on opportunities which seek to exploit inefficient and strategic markets where deep value and meaningful returns can be generated.
About Mountain Group Partners
Mountain Group Partners is an investor dedicated to investing in and actively guiding transformational businesses in the Technology, Animal Health, and Life Sciences sectors. Founded in 2002, MGP has invested in more than 50 companies in these sectors. MGP invests in seed- and early-stage companies. Technology investments focus on business and healthcare technology, targeting those ideas with quantifiable development risk and a rapid path to market. Animal Health investments focus on disruptive technologies that have a meaningful impact on global animal health and animal agriculture. Within Life Sciences, the firm focuses on MedTech, Diagnostics, and Opportunistic Drug Development. For more information, visit www.mtngp.com.
About SeedtoB
With Partners in Nashville, TN and Atlanta, GA, SeedToB Capital invests in early-stage businesses driving adoption of innovative technology within the healthcare ecosystem. The firm was founded by Ritesh Sharma and Shantanu Nigam, serial entrepreneurs who founded Jvion and quickly grew it into the nation's largest clinical AI company. Eller Kelliher joined as SeedtoB’s third partner in 2022 bringing over eight years of experience investing in early-stage healthcare startups to the firm. SeedToB Capital is uniquely focused on helping entrepreneurs navigate the complexities of the healthcare space and chart the most efficient path toward Series B – and ultimately, company success.
About Rash Family Office
Emily Rash represents the Rash Family office. She is also the Vice President of Senior Network Performance for One Medical, with a focus on developing a world class, value-based network. She joined One Medical as part of the acquisition of Iora Health as the Vice President of Operations for Colorado and Texas. With more than 15 years of industry experience working in hospitals, consulting, and health insurance, she also has an MBA from the Owen Graduate School of Management at Vanderbilt University and a BS in Accounting from the University of Tennessee.
Marty Rash represents the Rash Family office. He is the CEO and Chairman of the Board of Directors of Unifeye Vision Partners and the Chairman of the Board of Directors of ReVIDA Recovery. Mr. Rash was a member of the board of directors of LifePoint Health (LPNT) and the former Chairman and CEO of RCCH HealthCare Partners. Prior to the forming of RCCH, he was Chairman and CEO of RegionalCare Hospital Partners, as well as Chairman and CEO of Province Healthcare (PRV) and Executive Vice President and Chief Operating Officer for Community Health Systems (CYH). Mr. Rash also served on the Board of Directors Odyssey Healthcare (ODSY) and on the Board of Directors of Healthspring (HS). He is a past Chairman of the Federation of American Hospitals and the Nashville Health Care Council. He holds both a Bachelor’s and MBA from Middle Tennessee State University.
