Cohealo, a Boston-based startup that allows hospitals to share medical equipment with each other, announced it has raised $2 million in funding, bringing its total capital raised to more than $13 million. The funding, which Cohealo CEO Brett Reed is calling “an extension of [its] Series A,” was led by Romulus Capital and included Krillion Ventures, Struck Capital and various angel investors.
“The last money we raised was used for expanding to key customers,” Reed told us of the company’s 2014 Series A funding. “Since then, we’ve learned a lot about how we should develop our product further. And we really want to double down on our sales efforts now that we have our positioning in the market.”
As part of Cohealo’s new effort to drive sales, the company has recently brought on Matthew Smith, a veteran in the health care and asset management spaces, as its executive vice president of sales.
“We really want to focus on making hospitals within a health system act like a health system,” Reed said. “Now that hospitals have all undergone their EMR implementations, they’re asking ‘What’s the next technology we can use to drive greater efficiency within our health system?’ We’re perfectly positioned to be that technology.”
Looking ahead, Cohealo hopes to build upon its product, transforming it into a fully automated reservation system for medical equipment across multiple hospital sites. For example, rather than having health care professionals think ahead and manually request the equipment they need, the service will eventually be capable of setting up automatic reservation schedules for them.
Reed declined to comment on metrics pertaining to Cohealo’s customer base and revenue.
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