Navigation Links
Foundation Radiology Group Raises $10 Million in Venture Funding Led by Chrysalis Ventures
Date:4/13/2009

PITTSBURGH, April 13 /PRNewswire/ -- Foundation Radiology Group (FRG), a provider of diagnostic imaging professional services to hospitals, outpatient imaging centers, urgent care centers, and long-term acute care institutions, announced today that it has raised $10 million in the company's initial round of venture funding. Louisville, KY-based Chrysalis Ventures, a leading source of equity capital for young growth companies in the Midwest and South, led the Series A round. Health Evolution Partners, LLC, a manager of health care investment funds, and a limited partner in Chrysalis Ventures, L.P., also invested through the Health Evolution Partners Innovation Network (HEPIN).

Founded in late 2006, FRG is a state-of-the-art diagnostic imaging professional services company offering a hybrid model of both on-site radiology and teleradiology solutions for hospitals and other institutions. The company's board certified radiologists are available 24/7/365 to provide readings in musculoskeletal radiology, neuroradiology, mammography, cardiac CT, interventional radiology, pediatric radiology, brain perfusion, vascular ultrasound, OB/GYN ultrasound, and general radiology. With this broad range of capabilities, FRG is ideally positioned to provide subspecialty radiological services to smaller hospitals and outpatient centers that cannot afford to keep subspecialists on staff, while also providing faster, more accurate interpretations than larger hospitals can provide for themselves.

"We are delighted to partner with Chrysalis and Health Evolution Partners for this important round of early financing," said Dr. Brandon Chan, CEO of FRG. "In addition to capital, they bring valuable strategic insight and healthcare experience as we aggressively assert our leadership in this fast-growing market. The funds will be used to hire additional radiologists to support our aggressive growth plans to build the preeminent diagnostic imaging and radiology service bureau in the nation."

According to Koleman Karleski, Managing Director of Chrysalis, "Chrysalis continues to focus on young businesses that enhance the productivity of healthcare delivery, companies that provide services and enabling technologies that drive improvements in the relationship between cost and quality, and activity and outcomes. By merging the ubiquity of broadband technology with expertly staffed regional reading facilities, FRG is able to offer hospitals and other institutions superior quality and service at a much lower cost. The company is a great fit for our growing portfolio of healthcare information and services companies."

Mr. Karleski and Roy Ziegler representing HEPIN will serve on the company's board of directors.

About Foundation Radiology Group

Headquartered in Pittsburgh, PA the Foundation Radiology Group's mission is to build the pre-eminent diagnostic imaging, radiology service bureau and physician practice group network in the United States. FRG uses state-of-the-art PACS technology, a unique, efficient workflow system, carrier-grade telecommunications infrastructure and the Internet to provide the fastest turnaround times in the industry for diagnostic imaging reads. FRG is focused on serving non-university affiliated health care institutions, with emphasis on serving the rural and suburban hospital segment. It seeks multi-year exclusive contracts for daytime and 7/24/365 radiology full service bureaus. The Group's administrative office, data processing and primary diagnostic imaging reading center is located at Three Gateway Center, in downtown Pittsburgh, where board-certified radiologists are available 24 hours a day. For more information, please visit www.frg-rad.com.

About Chrysalis Ventures

Founded in 1993, Chrysalis Ventures is the premier venture capital firm in Mid-America, managing one of the region's largest funds for early-stage and growth investments. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare services and technology, media and communications, and emerging trends and technologies. Based in Louisville, Kentucky, Chrysalis has approximately $400 million under management and has made investments in 60 companies. For more information, please visit www.chrysalisventures.com.

About Health Evolution Partners

Health Evolution Partners is a manager of health care investment funds. It invests across the health care industry, from early stage to buyouts and from services to technologies. Health Evolution Partners invests in companies that will lead and become valuable in the new era of value-based, cost-effective and consumer-driven health care. To learn more, visit www.healthevolutionpartners.com.


'/>"/>
SOURCE Foundation Radiology Group
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. National Patient Safety Foundation Partners with Vocera Communications
2. R. P. Simmons Family Foundation Pledges $2 Million for New Childrens Hospital of Pittsburgh of UPMC Campus
3. Patient Advocate Foundation Launches Program to Help Uninsured Virginians with Chronic, Debilitating and Life-Threatening Illness Access Quality Healthcare
4. AIDS Healthcare Foundation Applauds City Commissioners Support of Diversity, Urges Call for Mayors Resignation
5. National Osteoporosis Foundation Teams Up With Ladies Home Journal Magazine to Launch a 10-city Mall Walk Tour
6. Judge Rules That Florida Disease Management Program Serving 8,000 HIV/AIDS Patients Should Be Re-bid, Says AIDS Healthcare Foundation
7. The Tug McGraw Foundation Announces 2007 Fundraising Gala
8. The Arthur M. Blank Family Foundation Pushes for Pre-K Expansion in Georgia
9. Cipla, Tell the Truth; AIDS Healthcare Foundation Launches New Ad Campaign
10. Survey From The Partnership and MetLife Foundation Reveals Important Role Todays Grandparents Play in Teens Lives
11. Exceptional Childrens Foundation Merger with Kayne Eras Center Creates One of States Most Comprehensive Nonprofits Serving the Disabled
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... IL (PRWEB) , ... October 13, 2017 , ... ... which established the certification process to promote standards of excellence for the field ... Symposium, scheduled for March 22 – 25, 2018 in Orlando, Florida at the ...
(Date:10/13/2017)... ... October 13, 2017 , ... Lori R. Somekh, founder of the ... a national organization of elder law and special needs planning attorneys. “Membership in ElderCounsel ... also provides a forum to network with elder law attorneys nationwide,” said Somekh. ...
(Date:10/13/2017)... ... ... The Visiting Nurse Association (VNA) of Somerset Hills is proud to host ... items from across the nation, this holiday-themed event will raise funds and awareness for ... The boutique will be open Saturday, November 4 (10:00 a.m. – 5:00 p.m.) ...
(Date:10/13/2017)... ... ... Yisrayl Hawkins, Pastor and Overseer at The House of Yahweh, has released ... understood books in the Holy Scriptures, Revelation. The Book of Revelation paints a picture ... Many have tossed it off as mere rubbish, but Yisrayl Hawkins says that is ...
(Date:10/13/2017)... ... ... Journey: From the Mountains to the Mission Field”: the story of a missionary couple ... From the Mountains to the Mission Field” is the creation of published author, Carole ... and currently teaches a class of ladies at her church, which she has taught ...
Breaking Medicine News(10 mins):
(Date:10/10/2017)...   West Pharmaceutical Services, Inc. (NYSE: WST), ... administration, today shared the results of a study highlighting ... intradermal administration of polio vaccines. The study results were ... 2017 by Dr. Ondrej Mach , Clinical Trials ... (WHO), and recently published in the journal Vaccine. ...
(Date:10/4/2017)... Oct. 4, 2017 OBP Medical ... illuminating medical devices, today announced regulatory approval from ... Agency (or Agência Nacional de Vigilância Sanitária (ANVISA)) ... cordless surgical retractor with integrated LED light source ... illumination and exposure of a tissue pocket or ...
(Date:10/2/2017)... , Oct. 2, 2017 The Rebound mobile ... the struggle to reverse the tide of prescription drug addiction. ... regulating their medicine intake and stepping down their dosage in ... to launch in December 2017; the first 100,000 people to ... more at http://www.rebound-solution.com/ ...
Breaking Medicine Technology: