This Nashville healthcare data startup is getting ready to scale after landing $75 million in funds.
XSOLIS (pronounced similarly to “excellence’) this week confirmed it secured a “minority growth” investment from Brighton Park Capital, a Connecticut-based firm specializing in growth-stage healthtech firms.
“This investment will be a catalyst as we continue to expand and deliver new technology solutions, creating a better healthcare experience for patients, payers, and providers,” Joan Butters, chief executive officer of XSOLIS, told Hypepotamus.
Founded in 2013, the company had been bootstrapped up until this point. But in recent years, it had grown exponentially, with “100 percent revenue growth” in 2020. Today, its annual revenue is over $35 million.
“Although private equity suitors had approached us before, we were only looking for a truly strategic partner,” explained Butters. “Brighton Park Capital offered us strategic market insight and a compelling network of relationships in the industry.”
“XSOLIS represents a convergence of opportunity,” added Mark Dzialga, managing partner at Brighton Park Capital. “With products that fit the needs of today’s healthcare ecosystem, a leadership and advisory team that has scaled and grown companies before, and an attentiveness to their customer that is evident and exciting.”
A veteran IT and operations healthcare executive with more than 20 years of experience in working with hospitals, pharmacies, payers, and physicians, Butters started XSOLIS after serving as VP and general manager of strategy and emerging solutions for Optum.
Her mission: to harness artificial intelligence to solve challenges associated with the administrative side of healthcare.
XSOLIS’ SaaS platform provides predictive analytics derived from cognitive learning to determine medical necessity and revenue risk for patients in real-time.
In 2020, the company released a new product line called CORTEX directed at hospital physicians. It also refined our analytics in the pediatric space to serve children’s hospitals nationwide.
“We have a full roadmap of integrations, enhancements and new product offerings for the coming months,” Butters said.
In the meantime, XSOLIS is hiring.
It currently has around 240 employees, and has 22 open job postings on its website. Positions range from software development, sales, training, data science, and clinical operations, among others.
“[We] expect to continue rapidly growing for the foreseeable future,” Butters said.