Bend-based health care software maker Vector Remote Care raised a $12.5 million round led by a private equity firm that has become familiar on the Oregon tech scene.
Washington, D.C.-based Updata Partners led the Series A round, marking at least the fifth investment in an Oregon company by this investor.
Vector, which was founded in 2017, makes software for remote monitoring and managing cardiac care. The company serves those with implanted cardiac devices, a market that includes 10 million-plus people.
The product helps patients and care teams analyze the data generated by devices, automate certain administrative tasks and ensure data transmissions and alerts are not missed.
With this growth capital, the company intends to double its headcount, but it declined to give exact numbers in its release. According to LinkedIn data, the company has around 30 employees. It will look to hire engineers and product developers.
“The Covid-19 pandemic accelerated the use of digital health technology," said Jon Seeber, Updata's general partner, in a written statement. "While health care providers worked to adapt and create solutions to address the urgent need for remote cardiac monitoring, Vector quickly established itself as a leader in this space with its unique, already proven patient centered approach to solving this problem,”
The company reported strong growth, with annual recurring revenue tripling, over the past two years, according to a news release.
Updata's two other current investments are Beaverton networking company Big Leaf Networks and virtual receptionist company Ruby. Previous investments were construction software maker Viewpoint and product management software maker Jama Software. For both Viewpoint and Jama, Updata eventually sold its stakes to other investors as those companies grew.
