Nashville-based Parental Health announced today it has closed a Series A round of financing led by Innova.
While terms weren’t disclosed, President and CEO Scotte Hudsmith said the company would be leveraging the money to hire new employees, particularly in sales and training.
Innova is a Memphis-based venture capital firm that specializes in providing funding for biotech start up companies. Innova’s typical investment amount spans a wide range, from $50,000 to $1 million.
“We looked at several investment opportunities in the remote health care space and Parental Health clearly stood out from the rest with its comprehensive service offering,” said Jan Bouten, a partner at Innova.
The financing included investors from Nashville, Wisconsin and two TNInvesco funds.
Parental Health is hoping to add “a few right now,” and could have as many as 20 full-time employees by the end of 2012. The company now has four full-time employees.
Parental Health was founded in November 2009. The company’s MISTY product is a technology platform that aims to allow providers to better manage chronic conditions.
“The timing of this financing could not have come at a better time in the market,” said Hudsmith. “Remote monitoring in health care is beginning to grow at a fast pace and this financing … provides the opportunity for Parental Health to maintain its leading position in the market.”
Innova has invested in local startups including Cagenix, a company that makes the frameworks for dental implants; Vaxent, a vaccine development company; and arGentis Pharmaceuticals LLC, a specialty pharmaceutical company.