US-based medical software developer ArborMetrix has raised $7m in series B backing for software that helps to reduce hospital operation complications.
RPM Ventures led the series B, with participation from existing backer Arboretum Ventures. The Wolverine Venture Fund, a student-led $5.5m venture fund from the University of Michigan, also joined the round.
The round brings the total venture backing in the Ann Arbor-based software developer to $8.5m. Shortly after ArborMetrix was founded in 2011, Arboretum participated in a $1.5m series A round where the venture firm was the sole investor.
Paul McCreadie, managing director of Arboretum and chairman of the board for ArborMetrix, said: “ArborMetrix’s analytics platform enables healthcare providers and payers to evaluate the effectiveness of evidence-based care, which will be essential for survival as the healthcare system evolves. And, even during this transitional period, they can offer a return on investment in months — not years. RPM brings a great deal of expertise in software development and commercialization experience that will help accelerate our growth.”
