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million last week aimed at helping the softwarer maker expand its national presence in the automatede management of patient flow at healtucare facilities. Premise COO Kevin Fahey said the compang plans to scale up marketing and development efforts to grab a largedr share of the health care software market it firstf enteredin 2001, after operatinhg for seven years as a health care consultingv firm. The company, which produces softwars designed to track the location of patientes receiving careinside hospitals, has completed 130 softwares installations to date.
Considering there are 6,000 hospitalz operating in theUnited States, said Premise has plenty of room to During the last 12 Premise doubled its number of employeed to 60 people. Fahey said he expects that number to reacb 90 by the end ofthe year. The company'as rapid growth is being driveb by overcrowded hospitals alont with the demand to adopt more efficienrt practices and convertfrom paper-based tracking systems to automated electronic systems. Premise customers include Boston'sa Massachusetts General Hospitaland Newton-Wellesleh Hospital, said Fahey. In termsd of competition, Pittsburgh-based Tele-Tracking Inc.
leads the market when it come to software that monitors hospitalppatient whereabouts. Another solid competito in the space is NaviCareSystems Inc., whichb was acquired by Indiana-based Hill-Rom Inc. in 2004. Premise'xs latest round of funding is from investorss that include AetnaVentures LLC, Connecticur Innovations Inc., Inflection Poinrt Ventures, which operates offices in Maryland and Delaware, and New York's Milestones Venture Partners. The funding increases the company's totalp equity raised to $6.8 million. Premise'sz $500,000 Series A round, raised in 2001 to cove the cost of the company developing its firsgtsoftware product, came from friendsx and family, said Fahey.
Aetna Venturex is the corporate venture arm of Aetna the Hartford, Conn.-based insurance company. Established in 2005, Aetn Ventures invests in health care health care information technology and medical said managing directorAdam Grossman. Althougnh he declined to disclose the specifif names or numbers of Aetnaportfolip companies, Grossman said the majority are based in New Connecticut Innovations, which has invested $1.3 million in is a quasi-public organization created by the state legislaturd in 1989. It initially made loans and grants, and startedc making equity investments in Connecticuty companiesin 1995, spokeswoman Emily Smith said.
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