Linthicum Heights-based healthcare tech company Real Time Medical Systems is planning to grow its team following a $20 million Series C funding round.
Led by BASE Capital and SunBridge Capital, the investment will help the company continue to enhance its platform, which helps healthcare organizations turn data into actionable insights.
The technology provides interventional analytics, which sift through electronic health record data to send alerts and recommend care when there is a change in a patient’s condition. This is designed to reduce hospital admission rates, detect early signs of infectious diseases and improve patient outcomes. It also features data interoperability across healthcare stakeholders involved in care, such as post-acute care facilities, health systems, accountable care organizations and insurers. That’s an area where the company is expanding.
“The healthcare industry is at a pivotal moment, which presents both significant challenges and tremendous opportunities,” Real Time Medical Systems Executive Chairman Dr. Scott Rifkin, an entrepreneur and physician who founded the company in 2011, said in a statement. “This past year has shown that seamless care coordination and data interoperability are vital to improving patient care between varying clinical settings. This Series C investment will help us reach the next stage of growth to meet these challenges head on while further partnering with our customers to advance our innovative solutions.”
The company’s technology can be “instrumental” to orgs amid the shift in healthcare to value-based care, which ties reimbursement to quality of care as opposed to quantity, said BASE Capital Chief Investment Officer Stephen Raggio.
Expect hiring. The company is planning to add 10 people to its team of 63 professionals by the end of the year in tech, as well as sales and marketing.
Columbia-based Rekor Systems has an agreement in place to acquire Waycare, an Israel-based company focused on traffic management, for $61 million in cash and stock.
Rekor Systems, which is publicly traded on the Nasdaq, uses AI and machine learning for infrastructure needs like electronic tolls, parking and traffic. It collects data via sensors and cameras, and processes it using software to help state and local governments make decisions. Founded in 2016, Waycare aims to use tech to help public agencies keep roads safe and prevent fatalities. It uses data in areas such as crash prediction, congestion detection and general roadway management.
“With the Waycare acquisition, we are significantly strengthening our footprint and meaningfully enhancing our service offering. This acquisition accelerates access to new markets and provides us with new vendor relationships to access unique data sources,” Rekor CEO Robert A. Berman said in a statement. “Waycare is a rare asset as it already has an established and growing customer base, favorable relationships with third-party data providers that would take years to replicate and a highly talented management team.”
Waycare’s entire team of 40 members will join Rekor with the deal, and its technology will be combined with Rekor’s existing platform. The deal is expected to close in the third quarter.
As flagged by the Baltimore Business Journal, Harbor East-based fintech firm Facet Wealth recently raised $17 million in fresh capital. The funding was disclosed in a filing with the U.S. Securities Exchange Commission. CEO Anders Jones told the BBJ that it’s a follow-on to last year’s $25 million Series B, and comes ahead of a larger round this year.
Facet Wealth offers tech-enabled services, with a focus on the “mass affluent,” which are defined as people with $100,000 to $1 million net worth. Founded in 2016, the RealLIST Startups alum has 250 employees and more than 7,700 clients, according to its website. It’s among the growth companies that joined the Baltimore Tracks coalition to build a more diverse local tech workforce.