One of Nashville‘s largest health tech firms just landed cash that could accelerate its growth nashvillebased xsolis ai silicon valley.
Data analytics company Xsolis (stylized XSOLIS) has secured a $75 million investment from Greenwich, Connecticut-based investment firm Brighton Park Capital, according to a news release.
Founded in 2013, Xsolis provides artificial intelligence, predictive analytics and machine learning aimed at improving operations, patient care and communications between health systems and insurance companies, according to the release.
Health care firm buys fellow Nashville company
Best in Business Awards: XSOLIS
Franklin health-tech firm gets new majority owner
The company is one of Middle Tennessee’s largest health care IT firms, according to Nashville Business Journal research, with 231 employees.
Xsolis plans to use the funds to accelerate the growth of its operations, expand its customer base and bring new products to the market.
” By developing the market-leading AI-driven platform to address utilization management, we have addressed the communication gap between healthcare providers and payers that had presented a major challenge to the delivery of quality healthcare,” Xsolis cofounder and CEO Joan Butters said in the release. “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. We are excited Brighton Park recognizes the value of our solutions and we look forward to leveraging their industry expertise as we enter this next phase of growth.”
The $75 million capital raise is a significant amount for a Nashville-area startup, even one that’s a part of the city’s massive $92 billion health care industry. Brighton Park’s investment in Xsolis would have been the third-largest capital raise in Middle Tennessee in 2020, according to Nashville Business Journal research, behind behind solar energy firm Silicon Ranch and Quincy Health. The investment would have taken the crown for the largest raise in the region during 2019, beating out Silicon Ranch by $15 million nashvillebased xsolis ai silicon valley.
This isn’t Brighton Park’s first Middle Tennessee investment: Two years ago, the firm bought a majority stake in Franklin-based health tech firm Relatient Inc. Terms of that deal were not disclosed.
Founded in 2019, Brighton Park specializes in investing in software, information services and health care companies, according to the release.
” Xsolis represents a convergence of opportunity, 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,” Brighton Park Managing Partner Mark Dzialga said in the release. “Xsolis brings payers and providers together in a new way, united by artificial intelligence and informed by a shared technology framework. We are excited to partner with Xsolis on their journey.”
Joel Stinnett covers health care and banking for the Nashville Business Journal.