Parachute Health has raised a Series B round on the heels of another fundraise earlier this year for a total of $15 million. The funding will be used to help the healthcare startup expand its medical equipment tracking service to new markets in the U.S.
Insight Venture Partners became the latest investors to back the business, which takes its model from e-prescribing. It leads a funding round with participants that include Greater New York Hospital Association Ventures, Loeb Holding Corp., former UnitedHealth Group executive Anthony Welters, and former McKesson Extended Care president Fred Browne.
Parachute Health’s approach uses e-prescribing and is designed to provide more transparency on the ordering and tracking process while weaning hospitals off of fax machines and phone calls to track durable medical equipment orders for walkers and other devices. The goal is to identify bottlenecks in the ordering process faster with an eye to improving patient safety and reducing medical expenses from needless hospitalization resulting from delayed medical equipment deliveries.
Launched two years ago, Parachute Health has been able to scale to 60 percent of the New York City market and 20 states, according to CEO and Founder David Gelbard.
A couple of the other companies active in the medication and equipment tracking space are Emanate Wireless, KitCheck, and ZappRx.
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