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Friday, May 27, 2011

Medventive raises $1.5 million

By James M. Connolly

Health-care firm Medventive Inc. of Waltham has raised $1.5 million in an offering that involves convertible promissory notes and warrants for Series C convertible preferred stock, according to a filing with the U.S. Securities and Exchange Commission.

The company makes health-care management software for doctors, insurance companies and employers. It began in 1997 as Care Group Medical Services Organization LLC, a health IT unit of Beth Israel Deaconness Medical Center parent CareGroup Healthcare Systems, and became an independent entity in 2005.

In February, Medventive named Dan Underberger as vice president and medical director of the company.

In 2009, Medventive announced a $7.25 million equity offering and later raised the total offering to $10 million.

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