MassVentures today announced it participated in the latest round of financing for lifeIMAGE. The $17.5 million round of financing led by Cambia Health Solutions (Portland, Ore.) will be used to expand resources for its growing customer base, increase the breadth of its network capabilities and implement the next phases of its go-to-market strategy.
Lack of access to imaging exams is the primary cause of unnecessary, duplicative procedures that delay care, frustrate clinicians and patients, and cost the country’s health system about $30 billion each year. lifeIMAGE helps providers improve care coordination for patient consultations, referrals and transfers by making medical imaging exams from unaffiliated hospitals, physicians and patients accessible worldwide.
“Image sharing has reached a critical inflection point. Our customers have validated its correlation to quality and cost of care, and it’s now considered part of the standard of care,” said Hamid Tabatabaie, CEO and co-founder of lifeIMAGE. “With the added funding from MassVentures and our team of investors, lifeIMAGE will scale up and demonstrate how innovative health plans can take advantage of our network to bring value to their providers as they adopt a value-based approach to managing the health of their patient populations.”
“MassVentures is committed to investing in companies like lifeIMAGE that are helping the State’s innovation economy thrive,” said Jerry Bird, President of MassVentures. “With its innovative technology and strong management team, they are well positioned to meet their goal of providing universal and seamless access to medical images for both clinicians and patients worldwide and we are excited to continue our support.”
MassVentures’ strategic investment in lifeIMAGE is part of a new round of equity that also includes participation by existing lifeIMAGE investors Cardinal Partners, Galen Partners, Long River Venturesand Partners Innovation Fund. Oppenheimer & Co. Inc. acted as exclusive placement agent for lifeIMAGE.
About lifeIMAGE
lifeIMAGE provides a medical image exchange platform that is deployed at hundreds of leading healthcare organizations to facilitate the secure, e-sharing of medical imaging information among hospitals, radiology groups, physicians and patients. Our services are helping providers improve the quality and timeliness of care, expand referral business, and eliminate wasteful spending. www.lifeimage.com