Valify, a Frisco, Texas-based healthcare purchased services benchmarking and analytics solution provider, secured $2m in Series A funding.
The round was co-led by Frist Cressey Ventures and Step 5 Capital with participation from existing investors.
The company intends to use the funds to increase research and development (R&D) efforts, expand its presence, as well as more than double its employee base.
Led by Chris Heckler, President and CEO, Valify provides a web-based benchmarking and analytics solution that allows healthcare organizations to view purchased services spending across the enterprise in more than 1,200 categories. Organizations can identify wasteful spending, duplicative services and high-cost vendors across all facilities.
Since its initial seed round funding in 2014, its client base has grown to 345 hospitals, has grown from two employees to 16 employees and has also released several new product updates including KPI benchmarking, contract management and savings project tracking capabilities.