Standing Stone Takes In $1M Series B Round
WESTPORT, Ct. --(VENTURE WIRE)--
Mar. 21, 2007
By Lorie Konish
Standing Stone Inc., a developer of chronic disease care management software, has raised a $1 million Series B round.
Connecticut Innovations put in $700,000 toward the Series B, with the remaining funding provided through existing angel investors.
Based in Westport, Conn., Standing Stone, founded in 1998, has developed technology for long-term chronic disease management for the professional health care setting, including hospitals, clinics and physicians' offices. The company's current products are devoted to anti-coagulation and cholesterol monitoring.
Standing Stone plans to use the funding for sales and marketing efforts and for new product development, including products focusing on congestive heart failure and diabetes, company President and Chief Executive Albert Bartosic said. The company, which is cash flow positive, serves more than 300 customers in 48 states, according to Bartosic.Connecticut Innovations Executive Vice President and Chief Investment Officer Peter Longo said the funding should last the company for at least 12 to 18 months, depending on sales. The firm, which invests $500,000 to $1 million per round, typically supports its portfolio companies through to an exit via merger, acquisition or initial public offering. Connecticut Innovations previously supported another chronic disease management provider, Cardium Health Services Corp., which was sold to CenCorp Health Solutions, a subsidiary of Centene Corp., last May for $12 million in cash.
Rocky Hill, Conn.-based Connecticut Innovations invests in technology-based innovations in Connecticut. Its areas of focus include biotechnology, clean technology, photonics and information technology, with about 40 percent of its focus on biotechnology. Overall, Connecticut Innovations has invested a total of $104 million in 62 companies to date, Longo said.
http://www.standingstoneinc.com
49 Richmondville Avenue, Westport, CT 06880 Tel: (800) 648-9877 E-mail: info@standingstoneinc.com
