Rock Oak Capital Partners Leads $1.1 Million Seed Round Funding Startup Software Company
ROCKFORD, Ill., April 25, 2016 /PRNewswire/ -- Rock Oak Capital Partners LLC led the $1.1 million seed funding round for AkitaBox, a startup whose software automates maintenance, planning and inspections in building management.
AkitaBox is based in Madison, and is a recent graduate of the gener8tor accelerator program—the most successful startup accelerator in Wisconsin and named the 14th most successful program in the country by Seed Accelerator Rankings Project.
Rock Oak Capital Partners is the investment vehicle of Practice Velocity, a medical software and services company based in Machesney Park.
"We're excited to support another technology company that's being built from the ground up, much like the Practice Velocity urgent care software company we founded a decade ago," said David Stern, MD, CEO of Practice Velocity and Senior Partner with Rock Oak Capital Partners. "Todd and his team saw a need for more effective and efficient building management, and he figured out a way to develop software that fills the void in the market. We believe AkitaBox is going to be a big success."
Founded in August 2015, AkitaBox sells to building operators in healthcare, property management, and education. Building managers use the software to reduce manual data entry and optimize maintenance and capital planning.
"Building operators waste a large majority of their day looking for information, responding to emails or manually entering data into complicated software programs," said Todd Hoffmaster, Co-founder and CEO of AkitaBox. "AkitaBox automates these workflows, making the outdated process four times faster. This helps building managers prevent problems before they occur to ultimately save money in building operations."
Over the past six months, AkitaBox's customer base has grown to include a number of nationally recognized brands including University of Wisconsin Health and Aramark. AkitaBox will use the seed funding to fuel continued sales growth and to enhance its product offering.
"There are a lot of rooftops out there. Our mission is to fundamentally improve the way buildings we live and work in are managed," Hoffmaster said.
Rock Oak Capital Partners learned about AkitaBox from Stateline Angels, a group that provides investment capital to vetted early-stage companies with leading-edge technology in the Illinois-Wisconsin region.
About Practice Velocity
Practice Velocity® provides award-winning medical software and services designed to improve efficiency, support delivery of quality care for urgent care centers, occupational medicine clinics, primary care physicians, and outpatient specialty providers. Practice Velocity has software installations in more than 1,200 clinics in all 50 states. For more information, visit www.practicevelocity.com or call 888-357-4209.
About Rock Oak Capital Partners
Rock Oak Capital Partners is a new merchant bank focusing on early-round investments in technology and healthcare. Learn more at www.rockoakcapital.net.
About AkitaBox
AkitaBox is a SaaS application for proactive building management. AkitaBox saves building owners time and money by providing information for maintenance and capital planning that reduces reactive building management. AkitaBox is a Wisconsin C-Corp headquartered in Madison, Wisconsin. For more information, email [email protected] or visit www.akitabox.com.
SOURCE Practice Velocity
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