MUSKEGON, Mich., May 20, 2021 /PRNewswire/ -- AvaSure, a leading provider of inpatient audiovisual monitoring telehealth solutions, announced today that it has closed on a significant equity financing from the Growth Equity team in Goldman Sachs Asset Management and Heritage Group. Terms of the investment were not disclosed, and AvaSure will invest the capital in growth initiatives, including further developing its comprehensive suite of solutions, AvaSure 360™, to meet all inpatient telehealth needs. Incentrum Group served as the exclusive financial advisor to AvaSure.
AvaSure pioneered its TeleSitter® solution in 2008 as a fall-prevention tool – which has since become a standard for patient care – now placed in all top 10 U.S. health systems and 826 hospitals across 48 states and Canada. AvaSure's TeleSitter solution allows one trained hospital employee to monitor up to 16 patients simultaneously, preventing not only falls, but elopement, violence against caregivers and other adverse events. The TeleSitter solution serves as a workplace multiplier to optimize staffing efficiencies and has been proven in clinical literature as a superior intervention for patient safety.
"AvaSure's growth has increased substantially year-over-year, and we are proud to be partnering with top-tier investors who can provide our company with an added bench of expertise as we seek to scale and build on our success," said AvaSure CEO Brad Playford. "The COVID-19 pandemic increased both the demand and the acceptance of telehealth solutions. While no one was fully prepared for the changes brought by the pandemic, AvaSure was extremely well positioned with its virtual technology that continuously supports patient care, safety, and outcomes with unmatched reliability and scalability."
Antoine Munfa, managing director at Goldman Sachs, said, "We are very excited about our investment in AvaSure. AvaSure has a demonstrated track record of innovation and success since its founding in 2008. We have been extremely impressed by the company's marquee customer base, the team's depth of knowledge in telehealth, and the breadth of functionality and scalability of its telehealth platform."
Graham Hunter, partner at Heritage Group, added, "AvaSure has firmly established itself as a dominant leader in the inpatient telehealth market. The company's ability to improve patient safety and outcomes and deliver an ROI within months of going live creates a compelling solution that addresses some of the most pressing pain points health systems are currently facing. Several of our strategic health system limited partners are satisfied customers and we foresee AvaSure's footprint growing exponentially in the coming years as health systems increasingly adopt telehealth solutions and seek to benefit from a more flexible and efficient use of labor."
About AvaSure AvaSure's continuous care virtual technology is found in over 800 clinical environments, including the most prestigious hospitals across the United States and Canada. AvaSure telehealth products and solutions are manufactured and assembled in the United States at AvaSure's headquarters in Belmont, Michigan. The company has a staff of approximately 180 full-time employees. For more information, visit www.avasure.com.
About Goldman Sachs Growth Equity Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities, and investment management firm. As part of Goldman Sachs Asset Management, Goldman Sachs Growth Equity ("GS Growth") focuses exclusively on investments in growth stage and technology-driven companies. GS Growth has invested more than $13 billion in strategic capital for entrepreneurs and management to execute long-term growth plans since 1994. For more information, please visit www.growth.gs.com.
About Heritage Group Heritage Group is a Nashville, Tenn.-based, healthcare-focused investment firm with more than 35 years of experience financing and operating healthcare companies at all stages. Heritage seeks to make majority and minority investments, ranging from $20 to $40 million per portfolio company, in high-growth healthcare services and healthcare technology businesses that address the challenges of the U.S. healthcare system. The firm's limited partners include some of the leading healthcare organizations in the nation, including large provider systems, payers, and healthcare service providers. For more information, visit www.heritagegroupusa.com.