Boise firm, Highway 12 Ventures invests in medical software – Ventures firm assisting Carefx technology

Boise venture capital firm Highway 12 Ventures http://www.highway12ventures.com/ has joined a group of investors to provide $7.2 million in funding for an Arizona technology firm.

Julie Howard
The Idaho Statesman

Highway 12 invested about $1 million in Carefx, http://www.carefx.com/ a Mesa, Ariz. company that makes software for the health-care industry.

“We were interested because, first and foremost, the management team consists of a group who has successfully built three companies,” said Mark Solon, Highway 12´s managing partner.

Carefx developed and markets software that can be used in hospital or other health-care settings, allowing clinicians to log onto various programs by using one password one time.

Due to privacy issues with patient information, Solon explained, the programs cannot be linked. The Carefx software, however, complies with privacy laws.

“The doctor can sign on once and have access to all software programs,” he said.

Highway 12 was joined in the financing by CB Health Ventures, Grayhawk Venture Partners, Solstice Capital, Village Ventures and members of Carefx´s management team.

“This round of financing supports our quest to provide tools for improving clinician workflows and patient safety while reducing overall costs,” said Carefx CEO Terrence Macaleer.

For its investment, Highway 12 will have a spot as an observer on the board of directors, allowing Solon to attend board meetings, but he will not have a vote.

Highway 12 started its $27 million fund in 2001 and has invested about $5.5 million in companies in Idaho, Washington, Utah and Arizona.

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[email protected] or 373-6618

http://www.idahostatesman.com/Business/story.asp?ID=44919