Parachute Health, a NYC-based healthcare technology platform, raised $9.5m in funding.
The round was led by Harley Miller and Dan Ahrens of Insight Venture Partners and includes investments from GNYHA Ventures, the business arm of the Greater New York Hospital Association and Anthony Welters, formerly of UnitedHealth Group.
The company, which previously raised $5.5m in funding from investors including Loeb Holding Corporation, intends to use the capital to expand its ePrescribing platform into key markets across the United States.
Led by CEO and founder David Gelbard, Parachute Health is a healthcare technology platform that leverages machine learning technology to replace the antiquated process for prescribing orders for Durable Medical Equipment (DME) via fax and paper records. The company provides an all-digital solution for ordering medical equipment and services patients need after they are discharged from the hospital – such as oxygen tanks, wheelchairs and medical supplies.
Parachute, which fully integrates into the most popular electronic medical record systems, including Epic, is already being used by healthcare facilities across the country, including the Hospital for Special Surgery, Visiting Nurse Service of New York and Stanford Hospital, among many others.
In addition to the new funding, Parachute Health is also appointing several new members to the company’s Board of Directors, including:
- Anthony Welters (Former EVP, United Health Group),
- Lee Perlman (President, GNYHA Ventures), and
- Peter Segall (Managing Director, Insight Venture Partners).
Fred Browne, the former President of McKesson Extended Care, also serves as an advisor to the company.