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PRESS RELEASE: Beringea’s InvestMichigan! Growth Capital Fund makes investment in Bloomfield Hills, Mich.-based gloStream, Inc.
Beringea and members of gloStream’s Executive Management Team co-led the company’s $7.5 million series B financing round
May 26, 2009
FARMINGTON HILLS, Mich. (May 26, 2009) – Beringea, one of the managers of the InvestMichigan! Growth Capital Fund and Michigan’s largest venture capital firm, announced an investment in Bloomfield Hills, Mich.-based gloStream, a healthcare software company that develops and sells certified electronic medical record (“EMR”) and practice management (“PM”) solutions. Beringea and members of gloStream’s Executive Management Team co-led the company’s $7.5 million series B financing round. The capital will be used to bolster virtually all areas of gloStream, including development, marketing and sales, and will be deployed immediately as the company looks to hire for nearly all internal teams.
Beringea’s investment was made through its InvestMichigan! Growth Capital Fund (the “Fund”), which is part of the $300 million InvestMichigan! Fund created by Governor Jennifer Granholm. The Fund targets a broad range of sectors and is charged with generating strong returns for investors and growing the next generation of Michigan companies.
“gloStream has demonstrated that they are one of Michigan’s most innovative healthcare companies and have the capability to spur job growth locally while also transforming healthcare nationally,” said Beringea director Michael Gross. “gloStream offers the only integrated EMR/PM solution on the market embedded with Microsoft Office, which is easy to deploy and use and already helping more than a thousand users nationwide improve the efficiency of healthcare delivery.”
The series B financing comes after passage of the American Recovery & Reinvestment Act (“ARRA”), which was signed into law by President Obama on February 17, 2009. The ARRA allocates $20 billion toward healthcare IT, including up to $64,000 per doctor –through the Centers for Medicare and Medicaid Services – for implementing EMR technology. With the stimulus encouraging hundreds of thousands of doctors to implement EMR technology for the first time, it’s critical that doctors have customizable solutions that are easy to deploy, easy to use and backed by local support.
“Beringea’s investment is an important vote of confidence in our people, our products and our vision,” said Mike Sappington, gloStream’s CEO. “It’s also recognition that Michigan-based companies are taking a leadership role when it comes to national healthcare IT initiatives and creating technology that will drastically improve the care that doctors can provide to their patients.”
Bloomfield Hills, Mich.-based gloStream provides physicians and healthcare facilities with certified electronic medical record and practice management solutions delivered and supported through a nationwide network of local technology partners. gloStream products are secure, easy-to-use applications and the only integrated EMR/PM solutions on the market embedded with Microsoft Office. Through a simple user interface, robust voice recognition technology, and single-click access to all patient information, gloStream products help doctors improve patient care by streamlining workflow and creating efficiencies in office administration. www.glostream.com
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, clean technology, manufacturing, media, Internet technologies and specialized consumer products.
With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit www.beringea.com.
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.