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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
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SOURCE Foundation Radiology Group
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