Nashville-based Medalogix has secured $100,000 in bridge equity funding, company president Dan Hogan said today.
Hogan declined to disclose the funding source but said it is “local angel investors.” Medalogix markets predictive software that aims to help home-care providers reduce hospital readmission rates.
“It’s certainly a validation of the progress we’ve made so far and will bridge us through the year,” Hogan said of the funding.
Hogan said Medalogix did not require significant time to land the angel money. He added that the young company, which has operated in its present form for about a year, is making solid progress. Medalogix has 12 clients in three states, all in the home health care market.
"This funding is expected to bridge us until year end at which time it appears our client revenues will put us on track to be cash flow positive as we close 2012 and profitable in 2013," he said. "Going from zero to cash flow positive in Year 1 to profitable in Year 2 is something we hadn’t anticipated.”