Parachute Health, a New York-based healthcare technology platform, raised $5.5m in seed funding.
Backers included Greater New York Hospital Association Ventures, Loeb Holding Corporation, Anthony Welters (Former EVP/Office of CEO for United Health Group), Fred Browne (Former President of McKesson Extended Care) and other healthcare innovators.
The company intends to use the funds to expand nationwide.
Led by CEO David Gelbard, CTO Matt Pestritto, SVP of Growth Steve Zerneri and COO Zachary Fleitman, Parachute Health is a healthcare technology platform that leverages machine learning technology to to create a completely digital process and innovate the antiquated process for prescribing orders for Durable Medical Equipment (DME) via fax and paper records.
Parachute integrates directly with Epic, and other widely used electronic medical record software platform.
Since launching in New York City in 2017, the company has rapidly expanded due to strong demand from hospitals, skilled nursing facilities, home health agencies, managed care companies and medical offices and currently covers 60% of the healthcare market in New York. Already available in hundreds of healthcare facilities in 20+ states, including Hospital for Special Surgery, Visiting Nurse Service of New York (VNSNY), NYC Health & Hospitals Corp (Bellevue Hospital) and Stanford Hospital, Parachute has served more than 100,000 patients.
The company is also in the process of raising a Series A funding round to launch additional healthcare products and services.