Company: Life Image
Industry: Healthcare Informatics
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Location: Newton, Massachusetts
Solution/Product: The company’s cloud-based software facilitates transferring, indexing and searching for digital medical images to reduce the time and cost of redundant exams, avoiding excessive radiation exposure for patients using an image transport method with optimal security that is faster and more reliable than the current practice of using CDs and DVDs, according to the company’s website. It started off with radiological images such as MRI and X-raysand has branched out to a variety of products and services for physicians, providers and patients. Among its products are open application software interfaces for healthcare information technology companies to use to facilitate data exchange between healthcare providers. In June, it launched a publishing engine for its OutBox service, a cloud-based service used by major health systems to help hospitals and imaging providers securely and automatically share results of imaging exams in the cloud. LifeIMAGE Networks tracks usage of the system with the purpose of reviewing trends and assess areas of opportunity for improvement or expansion. It also provides a service to attach medical images to electronic health records.
Money raised: $4 million, in addition to the $11.8 million raised in its Series B financing round.
Investors: It numbers Cardinal Partners, Galen Partners, Massachusetts Technology Development Corp., and Partners Innovation Fund, among its 13 investors.
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Management team: Hamid Tabatabaie, the CEO, previously led Boston-based medical image software firm Amicas. Brian Cahill, the COO, has served as a director for eWeb Health, which was acquired by Hyland Software and prior to that was CEO of ChartOne, a provider of on-demand medical record service that was later acquired by HealthPort Inc. Amy Vreeland, senior vice president of product management and marketing previpusly worked as vice president of client services at medical imaging IT solutions company Amicas.
Market size: Although the company’s website says its products address the $10 billion to $20 billion in inefficiencies resulting from manually transferring images, Life Image is also part of the medical informatics industry, estimated by Frost & Sullivan to be valued at around $6.5 billion.
