Allocade raises $5 Million in VC funding

Printer Print Email Email
Bangalore: California-based Allocade, a developer of healthcare software solutions, has closed a $5 million round of venture capital financing. This funding round is led by VantagePoint Venture Partners. Rick Smith, President and CEO of Allocade said, "The financing will enable us to aggressively expand our sales and marketing efforts, as well as our research and development to meet the demands from new customers, and further extend On-Cue's reach throughout the hospital enterprise. Rahul Mahadevan is Vice President of field operations for Allocade, where he is responsible for all sales and business development activities. Founded in 2004, Allocade's On-Cue solution optimizes hospital patient flow for inpatients, outpatients and emergency patients by using technology developed to manage workflow on the Hubble Space Telescope. The core of the On-Cue technology was conceived by Don Rosenthal, Founder and Chief Technology Officer of Allocade. At NASA, Rosenthal led the Artificial Intelligence Applications Group in the NASA Ames Research Center where he was responsible for the dynamic rescheduling software that optimally utilized the limited resources on the Hubble Space telescope. The On-Cue software leverages the information already available in Hospital Information Systems (HIS), Radiology Information Systems (RIS) and Electronic Medical Record Systems (EMR). "Strong momentum exists in the healthcare market for improved operational efficiencies, and it is clear that Allocade is extremely well positioned to enhance resource utilization and reduce operating costs within healthcare today," said Eve Kurtin, Venture Partner, VantagePoint Venture Partners.

siliconindia