Bivarus Raises $4 Million to Fuel Continued Growth
March 20, 2017
700% Year-over-Year Growth Leads to New Funding
DURHAM, N.C. (BUSINESS WIRE) – Bivarus, a patient-centered analytics company working with healthcare organizations to measure and analyze the patient experience and employee engagement, announced today it raised $4 million in a Series B from existing investors. Hatteras Venture Partners led this latest financing round. Other participants in the round include Excelerate Health Ventures, Nashville-based NueCura Partners and Boston Millennia Partners.
Today’s announcement follows strong growth in 2016, during which the company grew revenues 700%, successfully integrated its first acquisition and significantly expanded its customer base to include over 150 hospitals, physician practices and surgery centers. Bivarus offers a new approach that captures and delivers targeted and meaningful patient insights in real time. Organizations such as Mission Regional, Butler Health, CEP America, Tennessee Oncology and many others leverage Bivarus’s cloud-based analytics platform to identify service issues at their root cause, evaluate provider performance and track quality improvement efforts instantly, rather than in hindsight. Additionally, Bivarus is a CMS-approved CAHPS® partner.
The company plans to use this most recent round of capital to continue expanding its customer base and enhancing its data visualizations and advanced analytics to help customers more easily identify insights and improve services. Additionally, Bivarus expects to hire approximately 10-15 new employees locally over the next year.
“Our confidence in the team and market opportunity was strengthened by a very successful 2016,” said John Crumpler, General Partner, Hatteras Venture Partners. “Healthcare organizations have responded positively to Bivarus’s approach to more efficiently capture and operationalize opportunities to improve the patient experience. We look forward to continuing our work with the Bivarus team in delivering solutions that enhance the patients’ experience, care and service delivery.”
“Every day, more and more healthcare organizations realize there’s a better way to gain meaningful insights from their patients and employees; and the response to our unique approach as been great” said Dave Levin, CEO of Bivarus. “We are very fortunate to partner with a premier group of strategic investors, including Hatteras, Excelerate, NueCura and Boston Millennia Partners. With their continued support, we can focus on helping our customers transform how they capture and operationalize insights to improve their patients’ experience and employee engagement.”
Bivarus illuminates insights healthcare leaders need to quickly improve their patient experience. Bivarus offers a new approach that captures and delivers targeted and meaningful patient insights in real time. Healthcare leaders leverage Bivarus’s cloud-based analytics platform to identify service issues at their root cause, evaluate provider performance and track quality improvement efforts instantly, rather than in hindsight. In addition, Bivarus is a CMS-approved CAHPS® partner and provides comprehensive services for measuring employee perceptions around organizational effectiveness, culture, leadership and safety and support for improving engagement across healthcare organizations.
About Hatteras Venture Partners
Hatteras Venture Partners is a venture capital firm based in Durham, NC with a focus on seed and early stage healthcare investing. The firm focuses on biopharmaceutical, healthcare IT, medical device, and diagnostic opportunities. Hatteras has approximately $450 million under management in five venture capital funds. The firm is led by a seasoned team of entrepreneurs and operators and has a long and successful track record of seed and early stage investing and company formation. To learn more about Hatteras Venture Partners, please visit hatterasvp.com.
About Excelerate Health Ventures
Excelerate Health Ventures is a management team of experienced healthcare entrepreneurs with start-up, corporate and investment expertise. EHV leverages the domain experience and contacts of their network of healthcare providers, payers and strategic partners to select, validate, mentor and grow their portfolio companies. This focused approach accelerates the adoption and revenues of a portfolio companies’ products and associated services. EHV offices are located alongside fellow entrepreneurs at the First Flight Venture Center, a technology incubator in the Research Triangle Park of NC. For more Information, visit exceleratehealth.com.
About NueCura Partners
NueCura Partners, LLC is a Nashville-based angel investment company that focuses on investments in early-stage companies in the healthcare sector. NueCura is managed and driven by seasoned healthcare business operators and experienced investors. For more information, visit nuecura.com.
About Boston Millennia Partners
Boston Millennia Partners provides private equity financing to high growth companies in the healthcare and business services industries. Our team brings more than one hundred years of private equity experience to the investment and business building process. Our broad experience, combined with expertise in finance, operations, engineering, partnering with pharmaceutical companies, business development, executive recruiting, and law provides significant value to our portfolio companies. For more information, visit bostonmillenniapartners.com.