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Enterprise Mobile Health Vendor Voalte Lands $36 Million Series 'C'

Feb 23 2014, 11:51pm CST | by

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Enterprise Mobile Health Vendor Voalte Lands $36 Million Series 'C'

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Enterprise Mobile Health Vendor Voalte Lands $36 Million Series 'C'

On Friday, Sarasota Florida based Voalte announced a $36M Series ‘C’ investment led by Bedford Funding – a private equity firm in White Plains, New York. Founded in 2008, that brings total funding for the enterprise mobile health venture to about $48M.

Earlier last week the company also announced a new strategic partnership with Motorola Solutions which manufactures the MC40-HC handset. The MC40-HC is an android-based handset specifically designed for the demanding enterprise healthcare market. [Footnote: Publicly traded Motorola Solutions is unrelated to Motorola Mobility which was acquired by Google in May of 2012 for $12.5B and then sold just last month to Lenovo for $2.9B.]

The addition of an android-based handset partnership is important for Voalte which was originally founded on Apple’s iOS-based iPhone platform. The venerable iPhone has been a global consumer hit, but as a device, it has been challenging to industrialize for enterprise-grade solutions in verticals like healthcare. The iPhone is often the easy and preferred consumer choice, but things like battery-life and security have made any consumer hardware device – including Apple’s iPhone – difficult for enterprise healthcare to embrace.

Apple’s status (among some) as being more technically secure than Android took a significant hit on Friday when the company announced a major security flaw which could affect encrypted email and “other communications.”

A major flaw in Apple Inc software for mobile devices could allow hackers to intercept email and other communications that are meant to be encrypted, the company said on Friday, and experts said Mac computers were even more exposed. ”It’s as bad as you could imagine, that’s all I can say,” said Johns Hopkins University cryptography professor Matthew Green. [as reported by Joseph Menn – Reuters here]

As we also learned from the SANS/Norse Cyberthreat report (which I reviewed last week here), healthcare’s obsession with HIPAA often leaves it vulnerable to actual network and data-level security. Legal compliance isn’t always the same as network security.

Voalte’s flagship mobile solution  – Voalte One™ – is specifically designed to address many of these issues which can be considered annoying or inconvenient by consumers (and manufacturers), but often carry serious financial consequences in healthcare.

According to the company, Voalte One™ is now in use by over 35,000 caregivers at hospitals across the U.S. including Massachusetts General Hospital, Cedars-Sinai Medical Center, TIRR Memorial Hermann and Lurie Children’s Hospital.

“With 100 hospitals under contract, we’ve reached only one percent of the market so far. Our partnerships with Apple and Motorola, plus the recent investment by Bedford Funding puts us in a unique position to continue to drive the mobile health market forward. This industry will transform quickly over the next 24 to 36 months, and no other company has access to the resources and strategic partnerships to take advantage of this opportunity.” Trey Lauderdale – Voalte Founder and President

That trajectory is appealing to investors who are always looking for significant market traction.

Healthcare represents an enormous opportunity for those that can effectively separate the hype from reality. Voalte’s early traction with marquee healthcare institutions is one of the many pieces that attracted us to the venture  and Trey’s vision. We clearly believe Voalte represents a compelling and early lead in the enterprise healthcare mobility space. Charles Jones – Managing Partner at Bedford Funding

Technical innovation isn’t always the larger challenge – or opportunity in healthcare. Often it’s more related to the hard work of actual implementation in a demanding environment. This is where companies like Voalte are great examples of an Esther Dyson tweet – from 2011.

Source: Forbes


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