Safeguard Scientifics (NYSE:SFE) led a $7 million Series A financing round for health care IT company Medivo that provides data analytics and lab testing services.
The Wayne, Pa.-based lifescience holdings company consolidated its life sciences and technology portfolios last month, with the intention of growing its health care IT section to one-quarter of its total investments.
"Recently we announced the combination of our life sciences and technology deal teams to better leverage and take advantage of the synergies between these two industries," Peter Boni, president & CEO of Safeguard said in prepared remarks. "On the heels of that announcement, we are pleased to announce our partnership with Medivo, an exciting new opportunity that represents a convergence of diagnostic testing and health care IT, as well as the consumerization of health care using the power of the Internet."
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Medivo’s provides a secure, online form that connects patients to a nationwide network of doctors, home testing services and lab service centers, according to Safeguard.
The $7 million financing round will support Medivo’s product development and the expansion of its sales and marketing programs.
Here’s a roundup of other dealflow and investment news:
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Read more - ThermalTherapeutic lands $800,000 for its VeraTherm device
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Read more - Cohera Medical nears Series C close
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