Slater Reinvests $100,000 in Healthcare Startup Care Thread
Providence, R.I., July 15, 2014 – The Slater Technology Fund today announced that it has increased its seed investment in Care Thread, a Providence-based healthcare startup that provides HIPAA-compliant mHealth technologies, by $100,000. Slater’s renewed investment, made alongside other existing investors, comes in response to the company’s recent gains in market traction, as it continues to expand its customer base. The latest funding brings Slater’s total investment in the company to $350,000.
Care Thread provides secure mobile care coordination and care team collaboration solutions that empower healthcare providers to communicate more efficiently, improve patient outcomes, and realize savings through reduction of avoidable and redundant costs. Driven by its core Care Team Mapping™, Care Thread’s care coordination tools empower coordinated communication and collaboration among the care team. Care Thread deeply integrates with clinical IT systems to deliver clinical information directly to any mobile device in real time, improving all care transitions while promoting improved teamwork and patient safety.
The company is led by co-founder and president, Nick Adams, and Andrew Shearer, co-founder and chief technical officer. Care Thread will use this latest investment to accelerate sales and marketing initiatives and support ongoing deployment of the Care Thread solution within select healthcare environments, including Brigham & Women’s Hospital at Partners HealthCare and Eastern Connecticut Health Network.
In conjunction with this round, Care Thread has executed a strategic partnership agreement with Beacon Partners, a nationally recognized expert in healthcare technology strategy and implementation, and one of the country’s largest healthcare consulting firms.
“Today’s healthcare environment and the challenges of quality at cost require a level of choreographed care that is nearly impossible without a next-generation tool set. There’s too much information, and too little time for hospitals’ care teams,” said Thorne Sparkman, managing director of the Slater Technology Fund. “Care Thread hypothesized that the smartphone was the platform care teams needed, and now they’ve proven this by solving customers’ problems. Care Thread is poised to bring newfound levels of collaboration to any environment where patient care is directly affected by the quality of care team collaboration.”
About Care Thread
Care Thread provides a HIPAA-compliant mHealth platform that improves the way healthcare providers and patients coordinate care in real time through a suite of communication and collaboration solutions. Care Thread seeks to bridge the gaps in communication across extensive care teams by leveraging the power of mobile technology to foster better teamwork, deliver more efficient patient-centered care, and improve patient outcomes. For more information, visit www.carethread.com or follow Care Thread on Twitter at www.twitter.com/carethread.
About Slater Technology Fund
The Slater Technology Fund is an independently chartered economic development fund that operates in accord with best practices of venture capital investing, backing new ventures committed to basing and building businesses in Rhode Island. Leveraging state and federal funding, Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.
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