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QPID™ Inc. Raises More than Original Target of $3 Million in Early Finance Round; Cardinal Partners Investment Pushes Total to $4MBOSTON --(Business Wire)-- QPID™ Inc., an innovative provider of health record acceleration and intelligence solutions, today announced that it has closed $4 million in early funding from investors including Matrix Partners, Partners Innovation Fund, Massachusetts General Physicians Organization (MGPO) and Cardinal Partners. The funding will support QPID's growth strategy in three main areas: hiring critical talent to accelerate product innovation, marketing and sales, and strategic expansion into the commercial market after four years of R&D at hospitals within the Partners Network, including Massachusetts General Hospital and Brigham & Women's Hospital. As part of the investment, Brandon Hull, Managing General Partner at Cardinal Partners, will join QPID's Board of Directors. "While our initial intention was to raise $3 million, and we turned away prospective investors, we decided to extend the round to include Cardinal Partners because the firm is an excellent fit with our earliest committed investors - Matrix Partners, Partners Innovation Fund, and MGPO," said Mike Doyle, President and CEO of QPID. "To be oversubscribed with such a quality syndicate is a testament to the value of what we're offering at QPID - taking electronic data and creating intelligence around it. Essentially we are moving health care to a place where Electronic Health Records (EHR) are something that clinicians love, not loathe." QPID allows clinicians to easily extract data entered into any EHR, and presents information in an actionable format not previously available. With more than 5,000 health care professionals already using QPID for over 7,000 daily patient encounters, QPID is improving the daily workflow for clinicians in 15 different clinical departments at multiple hospitals in the Partners System. Its expansion into other health care institutions is imminent, making health care workers - physicians, nurses, administrative staff, physician's assistants, and more - able to find and use the most accurate, updated information on a patient, resulting in better workflow and increased productivity. "In doing our diligence on QPID, we were able to ascertain that QPID saves clinicians time, allowing them to make clinical decisions with the full knowledge of what is in the EHR - ultimately, improving patient safety. It is one of the few emerging health care platforms with a demonstrable ROI," said Brandon Hull, Managing General Partner of Cardinal Partners. "When we saw the solution in action, we were convinced of its crucial presence in any health are entity using an EHR - it unlocks data that clinicians need in order to provide the best health care possible. Its ease of use and value - combined with our knowledge and experience in working with some of QPID's senior management at other health care entities - convinced us that we wanted to be a part of this venture." "There's no doubt that the health care experience and technical background of the QPID management team and its investors will enable the company to grow rapidly and become a strategic asset that leading health care institutions across the country need," added Stan Reiss, General Partner of Matrix Partners.
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