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Health-care software maker Casenet Inc. has raised $3 million in a new round of venture-backed convertible debt from existing investors HLM Venture Partners and Sigma Partners that the company plans to use to continue development of its latest software product.
According to Kevin Brown, CEO of Bedford-based Casenet, the company’s software is a case management system that allows health plan providers to identify individuals under their plans who might need intervention and then assign a nurse working for the health plan to that individual.
“If that kind of intervention occurs early enough, that could result in great savings,” Brown said.
The system also allows for identifying individuals who need a greater level of managed care because of some existing condition or injury; it can then assign the appropriate nurse to that patient, as well, Brown said. The new version of the software will also support a certain level of self-directed care through a web portal to help individuals reduce the expense of their plan’s deductible.
Casenet’s current iteration of the software is used by five health plan providers, Brown said, which have about 1 million individuals under their plan.
In May, Casenent took in $5 million in a venture funding round from HLM and Sigma. The company pulled in a $7.5 million Series B round of financing in September of 2007. Sigma principal Richard Dale and managing director John Mandile sit on the Casenet board, along with HLM partner Peter Grua.
In December of 2008, Casenet named Kevin Brown CEO. Brown replaced former CEO Brian O’Neill who, the company said, will take on an “advisory role.” Casenet was founded in 2002 by CTO Bret Siarkowski.
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