Boston startup Cohealo announced it has completed a $9 million series A financing to expand its cloud-based platform that seeks to help hospitals and health systems better manage medical equipment.
Cohealo has identified medical equipment asset management as a potential trouble spot for hospitals, with expensive non-emergency equipment often going under utilized, thus costing the hospitals possibly millions of dollars. Cohealo estimates the U.S. spends more than $100 billion a year on such assets.
The company, founded in 2011, said it’s taking a chapter out of the sharing economy book, such as consumer applications like Uber and Airbnb, and applying it to “managing and optimizing the utilization of medical equipment across hospitals and healthcare facilities.”
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The financing is led by Boston-based Romulus Capital and Miami- based Krillion Ventures.
Cohealo CEO and co-counder Mark Slaughter said there is “an enormous amount of interest” in its services, including hospitals and multi-state health systems.
“We are on track to dramatically grow the business over the next six months with the most respected and trusted names in healthcare” Slaughter said in a statement. “With the additional vote of confidence and connectivity from our investors, we are poised to continue transforming hospital workflow across the country.”
News of the $9 million raises comes less than a week after Cohealo informed the SEC it was raising up to $5.7 million.
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