According to a press release, Greenwich, Connecticut-based investment group Brighton Park Capital has invested $75 million in data analytics startup Xsolis (stylized XSOLIS).
According to the press release, Xsolis, which was established in 2013, offers artificial intelligence, predictive analytics, and machine learning with the goal of enhancing operations, patient care, and interactions between health systems and insurance providers.
A healthcare corporation purchases a Nashville-based rival
Business Excellence Awards: XSOLIS
New majority owner for Franklin health-tech company
According to research by the Nashville Business Journal, the company, which has 231 workers, is one of the biggest health care IT companies in Middle Tennessee.
The money will be used by Xsolis to build its business more quickly, attract more clients, and launch new products.
This investment will be a catalyst as we continue to expand and deliver new technology solutions, improving the healthcare experience for patients, payers, and providers, according to a statement from Xsolis cofounder and CEO Joan Butters. “By developing the market-leading AI-driven platform to address utilisation management, we have addressed the communication gap between healthcare providers and payers that had presented a major challenge to the delivery of quality healthcare.” As we move into this next stage of expansion, we are delighted that Brighton Park recognised the value of our solutions and are looking forward to utilising their industry knowledge.
According to research by the Nashville Business Journal, Brighton Park’s investment in Xsolis would have been the third-largest capital raise in Middle Tennessee in 2020, behind solar energy firm Silicon Ranch and Quincy Health. The investment would have taken the title for the largest raise in the region over the course of the year.
This is not Brighton Park’s first investment in Middle Tennessee; two years ago, the company paid an undisclosed sum for a controlling ownership in Franklin, Tennessee-based Relatient Inc., a provider of health technology.
According to the press announcement, Brighton Park, which was established in 2019, focuses on investing in software, information services, and healthcare businesses.
The release from Brighton Park Managing Partner Mark Dzialga stated that 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.” “Xsolis unites payers and providers in a novel approach, guided by a common technology foundation and linked by artificial intelligence. We are eager to support Xsolis on their endeavour.