LogicStream Lands $6 Million in New Financing
Minneapolis-based LogicStream Health Inc. has raised $6 million in new equity financing. The company’s Series B financing round was led by Atlanta-based Noro-Moseley Partners, which focuses on health care and information technology companies. The round also included investments from existing investors.
LogicStream’s software is a tool for health care providers to track clinical workflows. LogicStream’s product offers a way for providers to determine where those workflows can be improved and ultimately result in better patient care.
The new financing will be used to bolster the company’s technology, sales and marketing. Co-founder and CEO Patrick Yoder said that the company’s technology is now being used in approximately 200 acute care hospitals and 2,200 ambulatory clinics.
Yoder says that providers have been drawn to LogicStream’s platform because it can help streamline clinical processes.
“I think we deliver a lot of value very quickly which is pretty unique in the health care world,” Yoder told TCB.
Yoder declined to disclose revenue for the privately held company. LogicStream currently has 24 employees.
LogicStream, founded in 2013, is based in the North Loop area of Minneapolis, which has been a draw for many startup, tech and creative companies. Minneapolis-based TreeHouse Health, which offers incubator office space and backs growth-stage health care companies, was an early supporter of the company.
“They were one of our early investors,” says Yoder of TreeHouse. “What they’re doing is pretty helpful for early stage health care companies in the Twin Cities.”