Youngstown, OH -- Valley Growth Ventures, a $6 million micro-venture capital investment fund focused on investment in Ohio-based companies, with a heavy interest in the the Mahoning Valley, has made 3 investments since the fund closed in early March of 2018.
The 3 Investments have been made in:
VGV’s first investment was in MedaSync, a SaaS software that provides real-time business intelligence and decision support to help Nursing Homes eliminate revenue leakage before it hits the bottom line. The technology does this by analyzing clinical information in real time to predict cost, identify excess and pinpoint billing opportunities within insurance plans before they are missed. MedaSync is a portfolio company of the Youngstown Business Incubator and has offices in Youngstown and Cleveland.
"VGV was thrilled to make MedaSync its first portfolio investment. Their founding team is top notch, with extensive experience in the market space, and their product fills a real need for skilled nursing homes," Said Ernie Knight, Managing Director of Valley Growth Ventures.
"It’s very exciting to have VGV onboard as both an investor and partner in MedaSync. As a seed stage company, it was important for us to find the right ‘fit’ with our investment partners. The VGV team brings a lot of start-up insight and strong network of relationships, which was important to us." Said Ryan Edgerly, CEO of MedaSync.
The VGV investment led the round for MedaSync, and Ernie Knight will also have a seat on the Board of Directors.
S4 Medial, formerly Sotera Medical Corp., is a Cleveland based medical device company focused on innovative solutions for cardiac procedures. The company’s initial product is a simple, yet comprehensive solution for reducing complications to the esophagus during catheter ablation treatment for atrial fibrillation.
“It’s exciting to have VGV as a partner. Their team brings a lot of knowledge and a strong network of relationships in addition to their investment capital,” said William Fuller, CEO and co-founder. “The investment from VGV and the closing of this round puts us in position to achieve our first clinical milestone in 2019.”
“Our investment in S4 Medical represents our belief in the team and their technology. Along with being an excellent investment opportunity, we see S4 Medical as an important advancement in the treatment of atrial fibrillation,” said Ernie Knight. With this investment, VGV joins other seed round investors including JumpStart Inc., North Coast Angel Fund, Northwest Ohio Tech Fund II managed by ProMedica Ventures, private investors, and the State of Ohio.
VGV’s 3rd Investment in 2018 was in Cleveland-based MedPilot. MedPilot is a leading patient financial engagement platform working with outpatient facilities, hospitals, revenue cycle management companies, and practice management systems. MedPilot’s platform is powered by millions of data points where they combine information from the client’s practice management system with internally derived insights and analytics to personalize their approach, including communication method, content, and payment options. Using machine learning they continue to optimize their outreach strategies based on the patient’s interactions. MedPilot also powers the healthcare provider’s administrative department by providing them with a tool to more effectively track patients, manage their experience, and monitor financial activity. To date, MedPilot has helped 350,000 patients.
“Patients deserve better. We founded MedPilot to transform the patient financial experience and help people better understand and resolve their medical expenses. We’re thrilled by the rapid growth in our business, and excited to be joined by so many incredible investors,” said Jacob Myers, Co-founder and CEO of MedPilot.
“We can all agree the standard patient billing process could use some work. MedPilot is uniquely positioned to use their experience to bring a new way for patients to engage and pay for their healthcare,” said Ernie Knight. Ernie Knight will also sit on the Board of Directors for MedPilot.
In addition to the growth they have had from interested parties, MedPilot also graduated in the latest class of the Cedars-Sinai accelerator, powered by Techstars. The MedPilot team is excited to be working with Cedars-Sinai to tailor their solution to be able to power billing departments of some of the largest providers in the country.
AS THE YEAR WRAPS UP
Valley Growth Ventures is continuing to look at companies as the year wraps up. Ernie Knight is looking forward to the success of these investments and the potential new investment. Ernie is expecting a 4th investment to close by early 2019. Details on that investment have not been released.