gloStream (Bloomfield Hills, Michigan), a healthcare software company that develops and sells Microsoft Office embedded electronic medical record and practice management solutions, said it has closed on a $7.5 million series B financing round co-led by Beringea and members of gloStream's executive team.
Capital will be used to bolster virtually all areas of gloStream, including development, marketing and sales, and deployed immediately as the company looks to hire for nearly all internal teams.
Beringea's investment was made through its InvestMichigan! Growth Capital Fund, which is part of the $300 million InvestMichigan! Fund created by Gov. Jennifer Granholm. The fund targets a broad range of sectors and is charged with generating strong returns for investors and growing the next generation of Michigan companies.
"gloStream has demonstrated that they are one of Michigan's most innovative healthcare companies and have the capability to spur job growth locally while also transforming healthcare nationally," said Beringea director Michael Gross. "gloStream offers the only integrated EMR/PM solution on the market embedded with Microsoft Office, it is easy to deploy and use, and it is already helping more than a thousand users nationwide improve the efficiency of healthcare delivery."
The series B financing round comes after passage of the American Recovery & Reinvestment Act, which allocates $20 billion toward healthcare IT, including up to $64,000 per doctor for implementing EMR technology.
"With the stimulus encouraging hundreds of thousands of doctors to implement EMR technology for the first time, it's critical that doctors have customizable solutions that are easy to deploy, easy to use and backed by local support," gloStream said.
"Beringea's investment is an important vote of confidence in our people, our products and our vision," said Mike Sappington, gloStream CEO. "It's also recognition that Michigan-based companies are taking a leadership role when it comes to national healthcare IT initiatives and creating technology that will drastically improve the care that doctors can provide their patients."