YOUNGSTOWN, Ohio – Valley Growth Ventures, a $6 million capital investment fund that specializes in supporting Ohio-based companies, announced it has made investments this year in three emerging businesses.
The fund’s first investment was directed to MedaSync, a portfolio software company of the Youngstown Business Incubator that provides real-time business data to help nursing homes operate more efficiently and prevent revenue leakage. The software uses technology to analyze clinical information to predict cost, identify excess and pinpoint billing opportunities with insurance plans before they are missed.
“VGV was thrilled to make MedaSync its first portfolio investment,” said Ernie Knight, managing director of Valley Growth Ventures, in a news release. “Their founding team is top notch with extensive experience in the market space and their product fills a real need for skilled nursing homes.”
Valley Growth Ventures led the round of investment for the company and Knight will have a seat on the board of directors.
“It’s very exciting to have VGV on board as both an investor and partner in MedaSync,” said Ryan Edgerly, CEO of MedaSync. “As a seed stage company, it was important for us to find the right fit with our investment partners. The VGV team brings a lot of startup insight and strong network of relationships, which was important to us.”
MedaSync has offices in Youngstown and Cleveland.
A second company, Cleveland-based S4 Medical, received funding from VGV to help develop a product that reduces complications to the esophagus during catheter ablation treatment for atrial fibrillation.
“It’s exciting to have VGV as a partner,” said William Fuller, CEO and co-founder of S4 Medical. “The investment from VGV and the closing of this round puts us in position to achieve our first clinical milestone in 2019.”
VGV joins other seed investors such as JumpStart Inc., North Coast Angel Fund, Northwest Ohio Tech Fund II managed by ProMedica Ventures, private investors and the state of Ohio.
MedPilot of Cleveland, a company that develops patient financial engagement software, is the third company VGV funded this year. The company works with outpatient facilities, hospitals, revenue cycle management companies and practice management systems. To date, MedPilot has helped 350,000 patients.
“Patients deserve better,” said Jacob Myers, CEO and co-founder of MedPilot. “We founded MedPilot to transform the patient financial experience and help people better understand and resolve their medical expenses. We’re thrilled by the rapid growth in our business.”
Valley Growth Ventures continues to explore investment opportunities with other companies in the future, Knight said, noting a fourth investment should close by early 2019.
Copyright 2019 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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