Caremerge - Chicago Health Tech Company Raises $2.1 Million in Series A for Business Expansion

Thursday, 11 July 2013, 20:00 HKT/SGT

Caremerge is Revolutionizing Communication and Care Coordination for Senior Healthcare

CHICAGO, IL, July 11, 2013 - (ACN Newswire) - Caremerge, a Chicago based health tech company that simplifies communication and care coordination with its mobile/web solutions, has raised $2.1 Million in Series A Funding.

The investment was led by the successful and well-known European entrepreneur, real-estate developer and art collector, Grazyna Kulczyk of Poland, with participation from another Switzerland-based investor. Athena Heritage, a Swiss Financial Management company provided advisory services to the investors, and Privity FZ LLE, a U.A.E based company, played a key role in the transaction.

The announcement comes as Chicago Mayor Rahm Emanuel and 1871 bring news that Chicago based emerging companies, including Caremerge, have received necessary funds to fuel their growth while creating jobs and playing an important role in the overall economic development for the region. "I congratulate Caremerge on its latest round of funding. 1871 is a hotbed of innovation, producing great companies around Chicago, and I look forward to continued great accomplishments," said Chicago's Mayor Rahm Emanuel.

Caremerge's immediate focus is on solving the care coordination challenges facing senior care providers. The company's HIPAA compliant and secure mobile/web apps allow care providers to quickly capture, chart and share seniors' information with families and outside stakeholders such as ACOs, MCOs, hospitals, and physicians. This user-friendly technology replaces the ever-increasing volume of papers, phone tags, voicemails and faxes with simple, effective tools and automated reminders that improve communication, accelerate decision making, and increase accountability among all involved care providers.

Caremerge is strategically positioned to play a key role in resolving many of the challenges facing the U.S. and worldwide aging population. Each day, approximately 10,000 people in the U.S. turn 65 and enroll in Medicare, and continue to deal with the issues and complexities of long term care. Realizing that healthcare coordination in the U.S. and around the world was in a state of crisis, Asif Khan, launched Caremerge to provide vital solutions for senior care.

"Today, long term care is challenged with increasing regulations, high staff turnover, reduced reimbursements and lower profit margins," says Khan. "Most people believe that the long-term care industry is slow to adopting technology. At caremerge, we beg to differ and believe that until now technology hasn't adopted to the unique challenges and workflows of long-term care."

Caremerge, founded in 2010, continues to flourish in the senior care industry while building strategic relationships with many healthcare providers and technology vendors in this space. One of the most significant ones came into fruition in April 2013, when Caremerge was selected by GE and StartupHealth in a Health Growth Acceleration program. It also recently formed a commercial partnership with InnovateLTC - a hub for commercializing innovation in the aging space.

Additionally, Caremerge has received multiple awards and recognition in the industry:

- July 2012 - "The Most Innovative Company in Long Term Care" awarded by InnovateLTC and Link Conference.
- February 2013 - won the "Best Mobile App" award at the 2013 Boomer Summit.
- May 2013 - selected as a Finalist at the AARP Health Innovation@50+ Live Pitch.

The Caremerge team plans to use this new round of funding to accelerate its expansion and improve its care coordination platform.

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