Indiana University Philanthropic Venture Fund has joined Purdue Ventures and university-backed VC vehicle Indiana Seed Fund as an investor in healthcare communication platform Diagnotes.

Diagnotes, a US-based healthcare records and communication platform spun out of Indiana University (IU), has obtained $500,000 of capital from the IU Philanthropic Venture Fund.
Founded in 2010, Diagnotes has created cloud-hosted clinical communication and care software that facilitates interaction between physicians, caregivers and patients to improve health outcomes.
Diagnotes’ product supports communication through text, voice or video. It also provides a live schedule management facility and access to up-to-date electronic patient health records.
The funding will help Diagnotes increase the frequency and geographical reach of its marketing output as it looks to drive product adoption, development and planning.
Diagnotes’ co-founders include Todd Saxton, associate professor of strategy and entrepreneurship at the Kelley School of Business branch in Indiana University – Purdue University Indianapolis, which also offers Purdue-accredited degrees.
The founding team is completed by Bharath Bynagari, a digital health consultant at the Indiana Biosciences Research Institute, and Dave Wortman, the spinout’s chief executive.
Diagnotes had already accrued approximately $3.5m of equity and debt financing prior to the latest investment, according to regulatory filings.
The filings show Diagnotes issued $845,000 of debt and securities to undisclosed investors in September 2018, after raising $1m of a targeted $1.5m equity round the previous year.
Diagnotes’ investors include university matching fund Purdue Ventures and Indiana Seed Fund, a VC vehicle whose limited partners inlcude Indiana University, University of Notre Dame, drug firm Eli Lilly and nonprofit life sciences agency BioCrossroads, which has also backed Diagnotes directly.
VC firm Elevate Ventures and syndicate Vision Tech Angels have also supplied Diagnotes with funding, as have private investors and members of the spinout’s founding team.