Funding Will Help the Company Create a Software as a Service (SaaS) Platform and Expand its Sales & Marketing Team
SAN DIEGO, Nov. 1, 2022 /PRNewswire/ — HCAP Partners, a California-based private equity firm and nationally recognized impact investor, today announced its investment in IronRod Health (the “Company”), an innovative remote health monitoring platform. Terms of the investment were not disclosed. D.A. Davidson & Co. served as exclusive financial advisor to IronRod Health for the financing and VLP Law Group LLP served as the Company’s legal advisor.
Since its founding in 2016, IronRod Health has helped over 20,000 patients receive dedicated care from their providers beyond the four walls of the practice. The Company has three main remote monitoring revenue lines, all focused on the cardiology space. IronRod Health combines trained technicians with state-of-the-art software to offer a complete healthcare solution that sends actionable insights to healthcare providers. The Company also delivers billing and alert reports directly to electronic medical records and helps establish efficient workflows for their providers’ practices.
As the COVID-19 pandemic prevented patients from visiting their providers in-person, cardiologists and patients increasingly began to adopt virtual health. In addition, an aging population combined with rising rates of chronic illnesses further highlight the value of the remote health solution that IronRod provides. With the new financing, the Company is well-positioned to take market share in the growing remote patient monitoring industry.
“IronRod is a leader in the cardiology sector for remote patient monitoring and has a great reputation in the market,” commented Nicolas Lopez, Principal at HCAP Partners. “The Company offers the only end-to-end automated solution for patient monitoring, insurance verification, and billing support, and we believe that there is significant opportunity for IronRod to support a large population of patients, specifically those facing heart complications. We look forward to working with the IronRod team and supporting the Company’s growth.”
“We are excited to partner with HCAP to begin this next stage in our company’s growth,” stated Andrew Nash, Founder and CEO of IronRod. “With this new capital, we can deliver advanced service to our customers, elevating the level of health care for thousands of patients.”
About HCAP Partners
HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $3 million to $25 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 60 companies since its founding and through ongoing, active engagement with portfolio companies provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund nine years running and, through its Gainful Jobs Approach™, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. For more information, please visit http://www.hcap.com/.
About IronRod Health
IronRod Health was founded in 2016 out of a desire to create a sustainable business that decreases the cost of delivering high-quality healthcare through technology and innovation. The Company currently offers remote patient monitoring, device technician training, and an integrated software platform that delivers actionable insights to providers to help their patients. Learn more at https://www.ironrod.health/.
SOURCE HCAP Partners