Today I’m excited to announce Voalte has raised $36 million in Series C funding led by private equity firm Bedford Funding. This major investment marks a milestone for Voalte and reinforces our role as a driving force behind the emerging mHealth market. Beyond being big news for Voalte, this is significant for the entire mHealth industry.
Within the next five years, I expect the healthcare communication market to be as significant as the electronic medical records industry is today. Bedford Funding’s capital infusion of $36 million into Voalte marks its first foray into mHealth, with plans to allocate a whopping $1 billion into the market in the future.
These figures are dizzying when you consider that we launched Voalte only five years ago at HIMSS09 as a fledgling startup funded on a shoestring. With only four employees, we set out with a grand mission: To reimagine healthcare communication using smartphones.
Just five years later, mHealth is one of the top three growth markets in healthcare and is poised to grow to $10.2 billion by 2018, according to some estimates. Much of that growth is being fueled by smartphones replacing outdated badges, phones and pagers.
The fast pace of change doesn’t mean it’s been easy. After all, blazing a trail is always more difficult than following an established path. We’ve been fortunate to have the support of industry innovators who believed in Voalte and our mission back when nurses and doctors were still relying overwhelmingly on pagers and legacy phones. Development partners and early adopters such as Sarasota Memorial Health Care System here in Florida, Massachusetts General in Boston, and Cedars-Sinai Medical Center in Los Angeles played an integral role in our growth. We couldn’t have created such powerful products without their input.
Today, we have more than 130 employees dedicated to delivering a complete Mobile Communication Strategy to 35,000 caregivers at hospitals throughout the country. We’re currently under contract with 100 hospitals, and almost every major integrated delivery network (IDN) is either deploying a Voalte alternative or exploring it as an option.
We’ve also formed strategic partnerships with the major industry leaders, including Apple, Epic, Motorola and Cerner, ensuring that our customers can count on a seamless collaboration between Voalte products and their existing technologies. We offer solutions for communicating both inside and outside the hospital, with new products geared specifically for secure physician communication. Our software now supports both iOS and Android mobile devices, plus advanced technologies such as electronic medical records and barcode scanning.
The process hasn’t always been easy, and we haven’t been perfect, but we’ve learned some tremendous lessons along the way that will help us deliver the best products and services to our customers going forward. When you’re thinking about caregiver communication, be sure to think beyond phone calls and paging. If your provider doesn’t offer a complete Mobile Communication Strategy that ties together voice, alarms and alerts, texting, electronic medical records, barcode scanning and more, maybe you should start looking for a new provider. We’d be happy to have you join us as we take off on the next leg of our journey.