Tuesday, August 19, 2008

HLM leads $7M second round for Medicalis

By Mass High Tech Staff

HLM Venture Partners, a health-care venture capital firm that operates a Boston office, reports that it has led a $7 million Series B financing of Canadian firm Medicalis Corp.

Kitchener, Ontario-based Medicalis is an expansion-stage health-care information company providing clinical decision support software and integration technologies focused on diagnostic imaging in health care. The company plans to use the capital to expand its sales and marketing program, officials said.

As part of the deal, Peter Grua, a partner at HLM Venture Partners, is joining the Medicalis board of directors.

Medicalis has commercialized its clinical decision support product suite and integration technologies among a diverse group of customer sets that include integrated delivery networks and community hospitals. In the United States, diagnostic imaging services generate more than $100 billion in annual revenues with more than 600 million annual diagnostic imaging studies.

Last year, HLM Ventures closed its second fund, which totaled $216 million.