Charlotte-based LeanTaaS has raised a $130 million Series D funding round that it will use to expand its suite of products.
The funding, which was announced on Dec. 10, was led by New York-based venture capital firm Insight Partners with participation from Goldman Sachs. Ashley Joseph, LeanTaaS senior director of client services, infusion centers, said this round of capital more than doubles the company's total funding amount.
"Insight Partners has been involved with us for some time ... They invested in us in 2017 and 2018, also," she said. "This most recent raise is extremely substantial in that it indicates they have high aspirations for us."
LeanTaaS CEO Mohan Giridharadas founded the company in Santa Clara, California, in 2010, and opened a second headquarters in Charlotte a short time later. Locally, the company works most notably with Novant Health and Atrium Health.
LeanTaaS is a predictive analytics company that uses its three iQueue platforms — iQueue for Operating Rooms, iQueue for Infusion Centers and iQueue for Inpatient Beds — to assist hospitals and health-care systems optimize how they utilize their internal systems, reduce costs, improve revenue and decrease patient wait times, Joseph said.
"The goal is to figure out how to use machine learning and software platforms to increase patient access in medical care," she said. "We've always had a vision to basically be a partner for an entire health system or entire hospital or infusion center, in terms of being able to help them manage all of their assets."
Joseph said though new funding was not a necessity for LeanTaaS, the team realized that the ability to scale its platform could benefit their customers a great deal.
"Health care has been effected by Covid-19, and we've managed to provide a lot of value to our customers and help them navigate Covid over the last few months," she said. "Given how well we were able to come through Covid and our ability to help the industry move forward during that time, now felt like a good time to look toward increasing the trajectory of our growth rate."
A portion of the funds will go toward the company's current platforms. The rest, Joseph said, will be used to expand its product offerings and to scale on the front and back end.
"We're extraordinarily excited about what the future holds for us, and we're really grateful that we're able to help health-care systems through the pandemic," she said.
