Friday, October 21, 2011

MedVentive makes $12.9M in a pair of fundraises

By Rodney Brown

Waltham health-care management software firm MedVentive Inc. has brought in $12.9 million in two separate financings, according to documents filed with the SEC.

In the first filing with the U.S. Securities and Exchange commission, MedVentive noted that it had raised $900,000 in a debt financing by issuing notes or warrants exchangeable for Series C preferred stock. The company noted nine backers in that debt round, although it didn’t identify them by name. The second filing showed MedVentive has taken in $12 million in a Series D financing round from 11 unnamed backers.

On its website, MedVentive lists as investors Ascension Health Ventures, Clarian Health Ventures, Core Capital Partners, Excel Venture Management, HLM Venture Partners, Long River Ventures and National Healthcare Services. New to the board of MedVentive as of June is former Republican candidate for the governor’s seat in Massachusetts, Charlie Baker, now an executive-in-residence at Cambridge venture capital firm General Catalyst Partners. General Catalyst is not listed on the roster of investors on the website, but in the SEC filing Baker is listed as a related person to the $12 million Series D round.

Also noted as related persons in the new $12 million financing are Mark Levine of Core Capital Partners and Peter Grua of HLM Venture Partner, along with various top executives at MedVentive. Calls to MedVentive were not immediately returned.

MedVentive raised $1.5 million in an offering that involves convertible promissory notes and warrants for Series C convertible preferred stock in May. All told, MedVentive has raised approximately $32 million since it was founded as an independent entity in 2005. MedVentive was launched in 1997 as Care Group Medical Services Organization LLC, a health IT unit of Beth Israel Deaconness Medical Center parent CareGroup Healthcare Systems,.