SOURCE: Allocade, Inc.

Allocade, Inc.

March 24, 2010 08:30 ET

Allocade Secures $5M From VantagePoint Venture Partners to Expand Sales and R&D Efforts for Healthcare Software Solution

MENLO PARK, CA--(Marketwire - March 24, 2010) - Allocade, Inc., the developer of innovative healthcare software solutions, announced that it has closed a $5 million round of venture capital financing led by VantagePoint Venture Partners. The $5 million investment will be used by Allocade to scale to meet the increased demand for its On-Cue™ solution, an efficient dynamic software that is powered by an Artificial Intelligence Engine to help hospital caregivers effectively manage patient flow logistics.

"We are very excited about this financing from VantagePoint Venture Partners, a leading Silicon Valley investor," said Rick Smith, president and CEO of Allocade. "The financing will enable us to aggressively expand our sales and marketing efforts, as well as our research and development to meet the demands from new customers, and further extend On-Cue's reach throughout the hospital enterprise.

Allocade's On-Cue solution optimizes hospital patient flow for inpatients, outpatients and emergency patients by using technology developed to manage workflow on the Hubble Space Telescope. The core of the On-Cue technology was conceived by Don Rosenthal, founder and chief technology officer of Allocade. At NASA, Rosenthal led the Artificial Intelligence Applications Group in the NASA Ames Research Center where he was responsible for the dynamic rescheduling software that optimally utilized the limited resources on the Hubble Space telescope. The On-Cue software leverages the information already available in Hospital Information Systems (HIS), Radiology Information Systems (RIS) and Electronic Medical Record Systems (EMR).

"We are enthusiastic about Allocade's unique technology and the company's potential to turn On-Cue into a high value solution for the healthcare industry," said Eve Kurtin, Venture Partner, VantagePoint Venture Partners. "Strong momentum exists in the healthcare market for improved operational efficiencies, and it is clear that Allocade is extremely well positioned to enhance resource utilization and reduce operating costs within healthcare today."

About Allocade
Allocade, Inc. was founded in 2004 and is headquartered in Menlo Park, Calif. The company is a healthcare software technology company that develops solutions designed to effectively optimize patient flow throughout the hospital enterprise. Allocade's first product is the On-Cue™ software solution. The company's management team includes former top executives from the NASA Ames Research Center, Siemens Medical Systems, Philips Medical Systems, Winster, Acuson Corporation, Sierra OnLine, Stentor and Inzap. Allocade is venture backed by VantagePoint Venture Partners. For more information, visit www.allocade.com.

About VantagePoint Venture Partners
VantagePoint Venture Partners is a leader in investing in 21st century technologies and partners with entrepreneurs in the CleanTech, Healthcare and Information Technology sectors. With an extensive industry-leading investment team of experts, a broad network of important Strategic Partners and Senior Advisors, and more than $4.5 billion in committed capital, the Firm has the depth of resources to help build transformative companies that are clear leaders in their fields. The Firm, headquartered in Silicon Valley, has investments in more than 70 companies, including Better Place, Bridgelux, BrightSource Energy, Healthline, Livescribe, MiaSolé, Ostara Nutrient Recovery Technologies, Solazyme, Safe Life Corp, Tesla Motors and Tendril Networks. For more information, visit www.vpvp.com.

On-Cue is a trademark of Allocade, Inc.

Contact Information

  • Media Contacts:

    Gene Gable
    VantagePoint Venture Partners
    650.866.3100
    Email Contact

    Amy Cook
    AMC Public Relations
    925.552.7893
    Email Contact