Apervita Announces Record Growth Year, Adds to Executive Team

This article was originally published on Apervita.com.

Pioneering Healthcare Platform-as-a-Service Now Connected to Approximately 1,000 Hospitals, Grows Annual Recurring Revenue More Than 1,000%

CHICAGO, Feb. 7, 2019 /PRNewswire/ — Apervita, Inc., the nation’s first healthcare cloud platform, today announced that it ended 2018 serving approximately 1,000 hospitals and is on track to support more than 3,000 hospitals by the end of 2019.  At the same time, the company has doubled the number of applications built on its platform.  This rapid market adoption led to a 1,000% growth in annual recurring revenue for the year ending in December 2018.

Healthcare stakeholders are looking to reduce costs across the board while improving clinical outcomes and operational efficiency.  However, maintaining hundreds of separate point IT solutions in support of these cost reduction efforts is hugely costly and ultimately unsustainable.  At the same time, government bodies like The Centers for Medicare and Medicaid Services and other industry associations are driving their customers and members to adopt electronic computable specifications.

Apervita’s secure, massively scalable Platform-as-a-Service (PaaS) allows healthcare stakeholders to build, connect and transact in the cloud across three main areas: quality performance, clinical pathways and data sharing.  As a result, costs for stakeholders using Apervita are 70-80% less expensive than maintaining numerous point solutions. Additionally, stakeholders have complete control of their information, allowing them to share only what they need to, and avoid technical, business and privacy issues associated with legacy data sharing processes.

“The healthcare industry is at a digital inflection point,” said Apervita President Ken Jakobsen. “All stakeholders are looking to more fully leverage their IT spend and operations.  We are leading the transformation effort from individually developed, maintained and paid for software solutions, to those developed on a cloud platform.  The market’s rapid adoption of our platform is a testament to its powerful value proposition and is analogous to experiences in other industries.”

To help direct and further accelerate its growth, Apervita also announced that industry veteran Kevin Weinstein has been named Chief Growth Officer. Weinstein has a proven track record of scaling high-growth healthcare enterprises. Prior to Apervita, he most recently served as CEO of Analyte Health. His other experience includes Chief Growth Officer at Valence Health (acquired by Evolent), and executive positions at ZirMed (acquired by Bain Capital) and Allscripts.

“We are fortunate to have someone with Kevin’s background of successfully building and scaling healthcare startups to drive value for our customers,” Apervita founder and CEO Paul Magelli said. “Kevin will add tremendous value as we cement our position as the industry-leading healthcare cloud platform.”

“I’ve worked in healthcare for two decades and have never seen this type of opportunity,” said Weinstein. “The growth Apervita experienced in 2018 is clearly just the tip of the iceberg. I’m excited to bring the power of Apervita’s cloud platform to an ever-increasing group of healthcare customers and partners. Apervita is a true game changer in improving outcomes and lowering costs across the entire healthcare ecosystem.”

About Apervita:

Apervita, Inc. is the first healthcare Platform-as-a-Service (PaaS) that allows providers, payers and the health enterprises that support them to easily build and share applications that decrease cost, improve patient and clinician experience, and improve outcomes. With Apervita, health enterprises can collaborate freely and securely within and outside of their organizations, streamlining, standardizing and auditing quality measures, operational metrics and care pathways. Apervita is used by approximately 1,000 hospitals nationwide.

Fast facts:

  • Healthcare Platform-as-a-Service

  • Founded 2012

  • Headquarters Chicago, IL

  • Approx. 1,000 hospitals connected

  • Customers in all 50 states

  • Gartner Cool Vendor

  • First company to offer Clinical Quality Language execution services

Life Sciences AI Company rMark Bio Raises $1.5 Million In Seed Funding

This article was originally published on PRNewswire.

CHICAGO, Feb. 7, 2019 /PRNewswire/ -- rMark Bio, which delivers AI solutions that accelerate innovation and scientific discoveries for life sciences companies, recently closed $1.5 million in growth funding. Lincoln Park Capital led the Seed funding along with support from investors M25 Group, SaaS Ventures and MATH Venture Partners.

"We appreciate that investors recognize our unique value proposition. Our ability to help accelerate innovation, especially in highly complex life sciences fields such as therapeutic development, by effectively analyzing and aligning internal and external data with their business strategies, means we help them bring their data to life for the ultimate benefit of patients," said Jason M. Smith, rMark Bio co-founder and CEO. "This vital funding ensures we are able to expand our ability to bring our end-to-end intelligence solutions to companies that want to harness the transformative power of their data but struggle with how to make it a reality."

With the close of investment, MATH Venture Partners Managing Director Mark Achler joined rMark Bio's Board of Directors. "I'm excited to be part of an AI venture that can help accelerate discovery and innovations within the life sciences and the healthcare industry," said Achler. "Jason and his team understand how to build AI in order to help define and deliver data-driven insights."

The funding will be used to grow rMark Bio through market expansion, enable the hiring of key personnel and support rMark Bio's transition into its new headquarters office at 440 N. Wells in Chicago.

Fabric, rMark Bio's patented platform, is an end-to-end AI solution that accelerates innovation and scientific discoveries for life sciences companies by fostering awareness and collaboration. The Fabric platform employs several key capabilities in a three-step process:

  1. It enables automated aggregation and preparation of data for machine learning.

  2. Neural networks are trained to analyze data and surface scientific insights and discoveries.

  3. Fabric's APIs integrate with existing apps to deliver insights.

Specifically, Fabric is trained to understand petabytes of life sciences unstructured text, videos, voice, proteomics, genomic and free form data from existing business applications such as Microsoft™, Salesforce™ and Veeva™ along with third party data sources from IQVIA™ and Symphony Heath™.  Working in unison, Fabric's neural networks surface the most relevant insights and discoveries based on each department or user's specific business needs, without the cost of multiple systems.

Fabric currently is licensed and deployed in several top-20 pharmaceutical companies who are benefitting from savings with its unified data intelligence solution. For example, rMark Bio is saving one customer millions of dollars during the next 12 months compared to what it would have spent for traditional SaaS or consulting services.

"Ahead of that customer's product launch, the Fabric platform provided its marketing department and commercial sales leadership with one-click access to real-time, compliant and, most importantly, relevant target lists," said Smith.

About rMark Bio
rMark Bio, Inc. was created to transform the life sciences and pharmaceutical industries by making artificial intelligence simple to adopt, easy to use and continuously transformative through a holistic approach incorporating strategy, technology and people power. Founded in 2015 by Jason M. Smith, CEO, and Lev Becker, Ph.D., Chief Scientist, rMark Bio is based in Chicago and Seattle. rMark Bio provides services to the top 20 pharmaceutical companies globally and has partnered with industry-leading technology and healthcare organizations, including Microsoft, nVidia, Apigee/Google, and MATTER.

CardFlight Ranked Number 48 Fastest Growing Company in North America on Deloitte’s 2018 Technology Fast 500™

This article was originally published on CardFlight here.

CardFlight’s three-year growth rate of over 2,900% placed the company on the 2018 list of fastest growing technology companies in North America.

New York, New York – CardFlight, the leading mobile POS and SaaS payment technology company, announced today that it ranked 48 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. CardFlight’s 2,916% three-year growth rate placed the company on this year’s list. Overall, 2018 Technology Fast 500™ companies achieved median growth of 412%.

Founded in 2013 and with operations in New York City and Lincoln, Nebraska, CardFlight prides itself on being the leader in payment technology and mobile point-of-sale solutions. The company partners with merchant service providers, banks, and independent sales organizations to serve more than 45,000 small businesses in all 50 U.S. states. 

Derek Webster, CardFlight’s Founder and CEO, credits the company’s commitment to delivering superior products for enabling the company’s revenue growth. He said, “I’m proud and honored to see CardFlight recognized on Deloitte’s Fast 500 list. Our team works hard to deliver the best-in-class payment acceptance technology to our partners, and to enable them to serve tens of thousands of small businesses across the United States. The team’s talent and dedication enable CardFlight’s growth and success and I want to thank them. I would also like to thank Deloitte for honoring us on the Fast 500 list this year.”

“Congratulations to the Deloitte 2018 Technology Fast 500 winners on this impressive achievement,” said Sandra Shirai, vice chairman, Deloitte LLP, and U.S. technology, media and telecommunications leader. “These companies are innovators who have converted their disruptive ideas into products, services and experiences that can captivate new customers and drive remarkable growth.”

About Deloitte’s 2018 Technology Fast 500™

Deloitte’s Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2014 to 2017.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.


Jiobit raises $6.5 million to ramp up production of its child tracker

The company, founded three years ago by former Motorola Mobility executives John Renaldi and Roger Ady, raised capital from Netgear, a Silicon Valley maker of wireless-networking equipment, as well as Math Venture Partners, Techstars Ventures, Wakestream Ventures, Sandalphon Capital, former Motorola and Google executive Lior Ron, Cartavi founder Glenn Shimkus and angel investor Sam Guren. Jiobit has now raised $11 million.

Swing King Delivers Everyday Hole-In-One Golf Contests With Redbox Expertise

This article was originally published on Forbes here, and written by Erik Matuszewski.

What golfer wouldn’t want a hole-in-one to be immortalized on film – and to win money for it?

A tech startup named Swing King is trying to make that more of a reality at golf courses around the country, providing technology for everyday hole-in-one contests that have paid off almost $500,000 in prize money the past few years.

The business is the brainchild of former Redbox senior vice president of technology Eric Hoersten, who teamed up former Redbox CEO and founder, Gregg Kaplan, to start Swing King. A $2 billion business, Redbox made a splash with those conveniently-located kiosks that dispense millions of movie and video game discs. Kaplan and Hoersten envisioned similar fully-automated systems on the golf course and enlisted the expertise of sports technology expert Mike Jakob, who was hired as CEO after serving as President for Sportvision -- a company best known for inventing the yellow first down line viewers see on football telecasts.

Swing King is now in about 30 states and has been installed at almost 300 courses, approximately 90% of which are public and resort properties.

So, how does it work? Swing King installs HD cameras that are constantly filming, capturing footage of each and every golfer on a par-3 hole at a participating course. A golfer paying an additional $5 in the pro shop at the start of the round could win $10,000 for a hole-in-one, for example, while a $10 entry could earn $20,000 for an ace. Some facilities also offer the opportunity to enter on the course.

“It’s the combination of having the right technology and the right team with experience in sports and tech and golf,” said Jakob, who has spent 20 years in the sports technology field capturing data and figuring out how to monetize it across platforms. “Then its putting together the right model where we generate income right out of the gate and have such a high touch-rate.”

Facilities will usually pick one par-3 hole per course and Swing King will install three cameras in inconspicuous locations, whether that’s a building, tree or pole that’s set up specifically for the system. The cameras, designed to last up to five years, tie in to the course’s electricity, typically into the irrigation system.

“We’ll try to install in a spot that blends into the background,” Jakob said of the cameras, which can provide a lifelong memory along with the official documentation of a hole-in-one without a witness being present.

Some courses don’t even pay for the system, which involves a revenue-sharing program. Courses will often sign a multiyear contract – some of which have no upfront fee for installation – and can generate an average annual revenue of $20,000 per course. A portion of that revenue, anywhere between 15% and 50% depending on the contract, goes to the golf course.

Only golfers who opt into a contest are eligible to win prizes, which range from $1,000 to $100,000, with the possibility of even a $1 million payout for special events. Courses with the Swing King technology report participation rates anywhere between 7% and 50% for the program. Some properties are looking to differentiate themselves by bundling the added cost into the standard playing fee and automatically qualifying every golfer for the chance at a $1,000 or $2,500 hole-in-one. Other golfers might be entered as part of a company or charity outing.

Wade Keats of Winnetka, Illinois, was one of those. The par-3 13th hole at Chevy Chase Country Club outside Chicago was a lucky one for Keats, who made an ace and later learned he won $10,000 because event organizers had purchased an entry for every participant.

“I was already in total shock, but that floored me,” Keats told the Chicago Tribune.

Chicago-based Swing King has installations at more than 40% of public courses in the Chicago Metro area, including all four courses at Cog Hill.

Swing King is also expanding the platform beyond holes-in-one. Certain venues offer payouts such as five times the entry fee for a tee shot “within the flagstick” or money back for hitting the green off the tee. The increase in sports betting in certain states could lead to other opportunities, such as a rolling pot for a hole-in-one.

Ultimately, what Swing King is hoping to do is give golfers a chance to celebrate a memorable moment a little bit more – with video and some extra money. It’s a win-win for golfers and facilities, increasing revenue while potentially boosting interest in golf and incremental rounds.

“It’s a combination of sensing opportunity in the marketplace and then ultimately bringing fun and entertainment to the sport of golf -- giving golfers more of a Topgolf experience on the course and bringing gamification to the game,” Jakob said. “It fits within what the market wants. For the golf clubs themselves, it’s two-fold: adding programming and a layer of fun and entertainment for the golfer.”

CardFlight Ranks 139th on 2018 Inc. 5000 List, Top 5 for Financial Services

CardFlight Ranks 139th on 2018 Inc. 5000 List, Top 5 for Financial Services

Inc. Magazine today ranked CardFlight No. 139 on its 37th annual Inc. 5000, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment— its independent small and mid-sized businesses. CardFlight joins the ranks of America’s most prestigious and successful companies featured on the Inc. 5000 list in years past.