Press Release | Technology & Business Solutions (TABS)
Qventus Announces $50 Million Growth Capital Round Led by THL and Strategic Partnership with Premier, Inc.
Investment and partnership position Qventus to expand its market presence and technology offering
February 28, 2022 08:00 AM Eastern Standard Time
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Qventus, Inc. (“Qventus” or the “Company”), the leading provider of AI-powered software for care operations, today announced a growth investment led by Thomas H. Lee Partners, L.P. (“THL”), a premier private equity firm investing in growth companies, and a strategic partnership and investment by Premier, Inc., a leading healthcare improvement company. THL and Premier are joined by Thedacare, along with existing investors Bessemer Venture Partners, Mayfield Fund, and Norwest Venture Partners. The funding round and partnership position the Company to expand its technology to additional hospitals and health systems across the United States.
“Our care operations automation software relieves some of the largest operational and financial pressures facing hospitals and health systems today,” said Mudit Garg, co-founder and CEO of Qventus. “We are excited to partner with world-class investors who bring domain and operational expertise in scaling automation technology businesses. Our partnership with THL and Premier will enable us to expand our product vision, enhance our market presence, and help care teams deliver world-class healthcare to patients across the country.”
“We look forward to helping Qventus reach more provider customers, as well as collaborating on new solutions that combine Premier’s experience and unique data assets with Qventus’ technology platform and expertise in AI and machine-learning,” said Leigh Anderson, president of Premier’s Performance Services division. “We believe this will enable us to continue to offer innovations that extend scarce clinical labor to focus more on patient care and value-additive activities.”
“We are excited to partner with the Qventus team as they expand their position within the care operations automation market,” said Jeff Swenson, managing director at THL, and Kearney Shanahan, director at THL. “Qventus’ AI-enabled technology improves the patient experience, eases the burden and strain on healthcare professionals, and provides a clear and measurable return-on-investment to hospitals and health systems nationwide.” THL’s Automation Fund is the industry’s first pool of capital dedicated to investing in market leading automation technology businesses.
Each year, the health care system loses approximately $1 trillion to waste, according to The Journal of the American Medical Association. One major contributor is inefficient operations. To address this challenge, health systems are digitally transforming their operations with AI-enabled care operations automation software. Qventus’ software generates significant value, reducing excess days by 30 – 50 percent, decreasing length of stay by up to one full day, and generating 2 additional cases per operating room per month. In 2021, Qventus automated access and patient flow for more than 2 million patient encounters across its Inpatient, Perioperative, Emergency Department, and Command Center software solutions, eliminating over 200 years of excess days and resulting in a 10X return on investment.
Qventus is the leading provider of AI-based software for care operations automation. Integrating with EHRs, the Qventus platform uses AI, machine learning, and behavioral science to power best-practice solutions for inpatient, perioperative, emergency department, and command center settings. As a partner to leading health systems and hospitals across the country, including Boston Medical Center, HonorHealth, M Health Fairview, Mercy, and Saint Luke’s Health System, Qventus delivers proven outcomes, including 30-50% fewer excess days, 1 full day reduction in length of stay, and over 2 new cases added per operating room per month. For more, visit https://qventus.com/.
About Thomas H. Lee Partners
Thomas H. Lee Partners, L.P. (“THL”) is a premier private equity firm investing in middle-market growth companies exclusively within three sectors: Healthcare, Financial Technology & Services, and Technology & Business Solutions. THL couples deep sector expertise through an Identified Sector Opportunity (“ISO”) process with dedicated internal operating resources from its Strategic Resource Group (“SRG”) to transform and build great companies of lasting value in partnership with management. The Firm’s domain expertise and resources help to build great companies with an aim to accelerate growth, improve operations and drive long-term sustainable value. Since 1974, THL has raised more than $34 billion of equity capital, invested in over 160 companies and completed more than 500 add-on acquisitions representing an aggregate enterprise value at acquisition of over $210 billion. For more information, please visit: www.thl.com.
About Premier, Inc.
Premier, Inc. (NASDAQ: PINC) is a leading technology- enabled healthcare improvement company, uniting an alliance of more than 4,400 U.S. hospitals and health systems and approximately 225,000 other providers and organizations to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and consulting and other services, Premier enables better care and outcomes at a lower cost. Premier plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare.