New Electronic Health Record intelligence software company adds healthcare industry veteran to Board to support commercial rollout
Boston – March 20, 2013 – QPID™ Inc., an innovative provider of health record acceleration and intelligence solutions, today announced that it has closed $4 million in early funding from investors including Matrix Partners, Partners Innovation Fund, Massachusetts General Physicians Organization (MGPO) and Cardinal Partners. The funding will support QPID’s growth strategy in three main areas: hiring critical talent to accelerate product innovation, marketing and sales, and strategic expansion into the commercial market after four years of R&D at hospitals within the Partners Network, including Massachusetts General Hospital and Brigham & Women’s Hospital. As part of the investment, Brandon Hull, Managing General Partner at Cardinal Partners, will join QPID’s Board of Directors.
“While our initial intention was to raise $3 million, and we turned away prospective investors, we decided to extend the round to include Cardinal Partners because the firm is an excellent fit with our earliest committed investors – Matrix Partners, Partners Innovation Fund, and MGPO,” said Mike Doyle, President and CEO of QPID. “To be oversubscribed with such a quality syndicate is a testament to the value of what we’re offering at QPID – taking electronic data and creating intelligence around it. Essentially we are moving health care to a place where Electronic Health Records (EHR) are something that clinicians love, not loathe.”
QPID allows clinicians to easily extract data entered into any EHR, and presents information in an actionable format not previously available. With more than 5,000 health care professionals already using QPID for over 7,000 daily patient encounters, QPID is improving the daily workflow for clinicians in 15 different clinical departments at multiple hospitals in the Partners System. Its expansion into other health care institutions is imminent, making health care workers – physicians, nurses, administrative staff, physician’s assistants, and more – able to find and use the most accurate, updated information on a patient, resulting in better workflow and increased productivity.
“In doing our diligence on QPID, we were able to ascertain that QPID saves clinicians time, allowing them to make clinical decisions with the full knowledge of what is in the EHR – ultimately, improving patient safety. It is one of the few emerging health care platforms with a demonstrable ROI,” said Brandon Hull, Managing General Partner of Cardinal Partners. “When we saw the solution in action, we were convinced of its crucial presence in any health care entity using an EHR – it unlocks data that clinicians need in order to provide the best health care possible. Its ease of use and value – combined with our knowledge and experience in working with some of QPID’s senior management at other health care entities – convinced us that we wanted to be a part of this venture.”
“There’s no doubt that the health care experience and technical background of the QPID management team and its investors will enable the company to grow rapidly and become a strategic asset that leading health care institutions across the country need,“ added Stan Reiss, General Partner of Matrix Partners.
About QPID Inc.
QPID is an intelligence system for EHRs — permitting creation of clinician-directed queries, analytics and reporting abilities in real time. The consequence is improved filtration and exception handling in health care workflow, and its effect is akin to business intelligence, namely, activating stored data to reduce cost, improve revenue and quality of care delivery. QPID was developed within Massachusetts General Hospital and Partners HealthCare in Boston. QPID is venture backed by Matrix Partners, Partners Innovation Fund, Massachusetts General Physicians Organization (MGPO) and Cardinal Partners.
About Matrix Partners Matrix Partners is a premier venture capital firm that has generated outstanding returns for more than three decades. By focusing on early-stage investments and emphasizing long-term relationships with entrepreneurs, the firm has delivered several of the industry’s top performing funds of all time. Matrix Partners has offices in Cambridge and Waltham, MA; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. Matrix Partners has invested in several game-changing, industry-leading businesses such as Apple Computer, Aruba, HubSpot, JBoss, Netezza, Phone.com, Polyvore, Starent Networks, Tivoli Systems, Veritas, Zendesk, and Zong.
About Cardinal Partners
Since 1996, Cardinal Partners has been one of the leading venture capital partnerships focused exclusively on healthcare investing. Cardinal specializes in early stage financing rounds, usually as the lead investor in the initial financing round of a growth company. Cardinal’s investors include university endowments, foundations, pension funds, banks, and insurance companies. Cardinal currently manages funds totaling $400 Million.
About Partners Innovation Fund
The Partners Innovation Fund, established in 2007, was launched with a total commitment of $35 million from Brigham and Women’s Hospital and Massachusetts General Hospital. It addresses Partners HealthCare’s unmet need for funding of early-stage technology to drive improved medical care for patients.