Wednesday, February 18, 2009

VCs add $11.6M to NY medical clipboard startup Phreesia

By Mass High Tech staff

Local venture capital firms Polaris Venture Partners LP, Long River Ventures, along with HLM Venture Partners which has a Boston office, have contributed to a $11.6 million Series C financing round of Phreesia Inc., a New York wireless touch-screen medical clipboard maker. The funding was led by Chicago-based Sandbox Industries LLC and the venture arm of the BlueCross BlueShield Association, of Chicago. Phreesia has now raised a total of about $25 million in funds.

The deal calls for Sandbox managing partner Matthew Downs and BlueCross BlueShield Ventures Inc. managing director Paul Brown to join Phreesia’s board of directors.

Phreesia, which calls itself “the Patient Check-in Company,” has developed the “PhreesiaPads,” which are wireless tablet PCs with touchscreens. The pads, which are free to qualified physicians, are designed to replace the clipboards patients use at doctors’ offices to answer questions about their health before they see their doctor.

Waltham’s Polaris Venture Partners, Boston’s HLM Venture Partners and Worcester’s Long River Ventures all contributed to Phreesia’s $10.3 million Series B round of financing in 2007, with Polaris leading the round.