Nashville investment lures Boston firm

$4.5M TNInvestco deal draws health care IT firm to Music City

A Boston health care technology firm is relocating to Music City thanks to a $4.5 million funding round from a syndicate of local investors.

Shareable Ink, based in Newton, Mass., received the Series A Preferred investment from TNInvestco Tennessee Angel Fund, Nashville Capital Network’s Angel Fund, The Martin Cos. and Heritage Group Holdings.

The deal is the first investment for Tennessee Angel Fund, one of the 10 venture funds participating in the state’s $200 million program for funding early-stage ventures. Out-of-state firms receiving TNInvestco dollars are required to move their headquarters, main business operations and most employees to Tennessee in order to participate in the state economic development program.

“Our investors are extremely excited to be involved with Shareable Ink, and to welcome this company and its seasoned entrepreneurs to the Nashville health care community,” said Sid Chambless managing partner of Tennessee Angel Fund and executive director of Nashville Capital Network. “Shareable Ink has emerged as a clear technology leader with broad applicability in health care and strong growth potential.”

Shareable Ink provides digital pen and paper applications that convert handwritten information to data for electronic health records and other information systems. The system allows health care providers to use familiar workflows while benefiting from digital data capture.

The company is led by President and CEO Stephen Hau, an entrepreneur with more than 15 years of experience in health care IT, software development and launching new ventures. Prior to this company, Hau co-founded physician information system company PatientKeeper.

“We’re thrilled to have assembled such a strong syndicate of health care-savvy investors,” said Hau. “With the help of an award from TNInvestco, Shareable Ink will join Nashville’s long tradition of meaningful health care innovation.”

Shareable Ink’s website already lists its main address in Burton Hills. The company expects to have 60 percent of its staff in Nashville within the next 12 months. Currently the company employs nine, but Hau said it's in the process of filling six positions in Nashville. He expects the company to double in size within the next few months.

Through the deal, Hal Andrews of the Martin Cos. and David McClellan of Heritage Group will join the company's board.

Hau will demonstrate its technology and discuss its growth strategy at an 8 a.m. event tomorrow at the offices of Bradley Arant Boult Cummings.