A new round of funding from a Seattle-based early-stage investment firm is positioning Medcurity for continued growth in the Spokane market.
The Spokane-based startup recently received a $500,000 investment from SeaChange that has allowed the company to hire sales executives, a chief information security officer and five interns, expand its privacy law security and privacy training, and relocate to a larger office at 222 W. Mission Ave., Suite 30.
“This investment is a huge opportunity for us and a huge help for expanding our market reach over the next year, so we are very excited about that,” said Joe Gellatly, Medcurity CEO and cofounder.
The funding from SeaChange brings the total amount raised by Medcurity to more than $1.2 million. The company also received $200,000 in May from Washington Research Foundation Capital.
Medcurity, founded in 2018 by Gellatly and Amanda Hepper, offers a product that helps health care organizations remain in compliance with security laws and HIPAA, the federal law governing release of medical information.
The product asks users questions to assess administrative, technical and physical risks within an organization. It then creates an “audit-ready” report and generates detailed action items.
The investment from SeaChange strengthens the company’s mission to make HIPAA compliance easier to understand and maintain, said Hepper, adding that the company went through a due-diligence process over several months before it obtained funding from SeaChange.
Medcurity is releasing three new sets of HIPAA training later this year that include new hire and annual training for health systems and compliance officer training, Hepper said.
SeaChange, formerly known as Seattle Angel Fund, secured $5.8 million in January to make early-stage investments in Pacific Northwest startups. SeaChange, which has 27 companies in its portfolio, is led by Susan Preston, a longtime angel investor who has also held senior management positions at public and private companies.
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