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2004 2003200220012000 |
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Emageon’s Secures $10 Million
in its Third Round of Equity Funding Enterprise Digital Imaging Solutions Provider Continues Its Rapid Growth Birmingham, AL (October 16, 2001) -- Emageon, a leading provider of enterprise solutions for diagnostic imaging, announced today the closing of a private placement of equity capital. The company raised $10 million in its third round of funding. Southeastern Technology Fund of Huntsville, Alabama led the round. Paradigm Ventures, Harbinger/Aurora Venture Fund and Jemison Investment Co. Inc. (all of Birmingham, Alabama) and Delta Capital Management of Memphis, TN also participated in the round. Chris Horgen, senior managing partner of Southeastern Technology Fund commented, "Emageon is an extremely promising company – one of the very best in our portfolio. We expect Emageon to be one of Alabama’s high-tech success stories over the next several years. Our fund has significant expertise in the healthcare information technology sector and we are convinced Emageon has the technology and team to build a successful business in a large emerging market." Paradigm Venture Partners, which has participated in each round of the company’s financings, said this round would allow Emageon to begin scaling up its sales and operations to take advantage of the rapidly growing market for digital medical image archiving. "The Emageon team has continued to demonstrate success at each stage of its business development and we are pleased to be able to continue to support the company’s development," said Roddy Clark of Paradigm Venture Partners. Emageon offers hospitals, integrated delivery systems and healthcare communities a new means of creating institutional value and managing digital images. It allows facilities the ability to have an enterprise-wide, fully open and digital environment, offer enhanced patient care, better service to physicians and improve financial performance. Emageon’s managed use agreement creates immediate cost savings with no capital outlay or risks of system obsolescence. This includes all components, enterprise-class acquisition, archiving, distribution and viewing – both diagnostic and clinical over LAN, VPN and Web – at one price per study, often less than the cost of current film-based solutions. Emageon’s core technology, which serves as the foundation for its insourcing services, is the first enterprise-class storage and distribution management software for the medical imaging industry. The software technology, built for the Java™ platform, is engineered for massive scalability, high performance, extreme reliability and ease of operation with "best-of-breed," 3rd party software and hardware. The open-systems design and architecture of our technology significantly lowers the total cost of operation and ownership. "This round of funding is critical to our development as a leading supplier of digital imaging solutions to the healthcare industry," said Charles A. Jett, Jr., chief executive officer of Emageon. "The proceeds from this funding will be utilized to scale up our operational capacity to meet the market demand for our technology." Emageon’s enterprise-wide digital imaging solution has been licensed for use at over 30 hospitals since the company began commercial operations in mid-2000. Kaiser Permanente and Tenet Healthcare are both customers and strategic investors in the company. About Emageon Emageon is the first affordable enterprise-class DICOM archiving and distribution solution for the health care industry. Through its cost-effective, per study pricing structure and its high-performance, infinitely scalable technology and open-systems approach, Emageon eliminates the financial and technical obstacles that prevent a health care enterprise from offering a fully digital environment. Emageon enables the archiving of diagnostic images, making them available to health care professionals anywhere, anytime and securely, across the Internet, intranet, or virtual private network. This results in enhanced patient care, better service to physicians and improved financial performance for the health care facility. For additional information on Emageon, visit www.emageon.com. Contact: Noel Gartman Emageon 205-980-7602 ngartman@emageon.com David Latham Delta Capital Management LLC 901-755-0949 yearwood@deltacapital.com |
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