BackAttune Technologies to raise $15 million in the second round of funding
The funds raised will be used by Attune to expand in India and overseas and for acquisitions of smaller companies
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Chennai: Attune Technologies, a healthcare technology software company, will raise $ 15 million, in its second round of funding from existing and new investors in four weeks.
The seven-year-old start-up raised $6 million in its Series A funding from Norwest Venture Partners to expand its product development capabilities in December 2010. The company raised $1 million from Singapore-based angel investors from 2010 to 2012.
“We are in the final stages of negotiations on raising funds. There are a few investors—both US-based and domestic investors—but we will not be able to name them," said Arvind Kumar, founding member and chief executive officer (CEO) of the company. He declined to specify the size of the stake it will sell in return for the money.
The funds raised will be used by Attune to expand in India and overseas—Africa, West Asia and South-East Asia, including Malaysia, and acquisitions of smaller companies, he added.
The technology platform provides hospitals, labs, and clinics with integrated services—management of patient data, scheduling and billing and workflow on the cloud.
“The fundamental DNA of a software as service company, the model is built on future predictable cash flows unlike a licensing company where cash flows come in initially. Therefore, a cloud-based company cannot be built without raising funds," Kumar said.
Investments in technology-based start-ups is picking up pace. Twenty-three deals worth $74 million were signed till March 2015. The tech start-up space attracted $302 million across 132 deals in 2014 compared with $234 million from 116 deals the previous year, according to Venture Intelligence, a research service focused on private equity, venture capital, mergers and acquisitions.
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