Health care information technology company onFocus Healthcare Inc. has closed on a $3 million Series B funding round from a group of local investment firms, including local TNInvestcos Tri-Star Technology Fund and Limestone Fund.
Brentwood-based onFocus provides a Web-based "enterprise performance management" system for hospital and other health care executives. The software lets users integrate business and clinical data with strategic and operational goals in one place. onFocus will use the capital to support sales and marketing efforts.
"This investment will allow us to accelerate our growth strategy and secure our position as the market leader in the rapidly expanding health care performance management software market," said company co-founder, president and CEO Steven Mason Jr. in a statement.
With the investment from Limestone and Tri-Star, onFocus becomes the first Middle Tennessee company to receive funding through the Tenenssee Small Business Company Investment Credit Act. Memphis-based Innova announced the TNInvestco program's first investment in March.
Leading the investment in onFocus was Clayton Associates’ FCA Venture Partners IV. It was joined by participants in onFocus' $1.5 million Series A round last year — Solidus Co., Kestrel Asset Management and Heritage Group Holdings — as well as the Nashville Capital Network’s NCN Angel Fund I. (Disclosure: Solidus Co. is a major investor in NashvillePost.com parent company SouthComm Inc.)
For the Nashville Capital Network, the investment marks the organization’s 20th funded company in its six-year history.