Nashville-based XSOLIS, which uses AI to improve healthcare operations and communication between hospitals and insurance companies, raises $75M — One of Nashville’s largest health tech firms just landed cash that could accelerate its growth. — Data analytics company Xsolis (stylized XSOLIS).
It has been announced that Brighton Park Capital has invested $75 million in Xsolis
One of Nashville’s biggest health tech companies just landed a significant amount of cash that could accelerate the company’s growth.
It has been announced that Greenwich, Connecticut-based investment firm Brighton Park Capital, along with the company Xsolis (stylized XSOLIS), has acquired a $75 million stake in Xsolis, a company that specializes in data analytics.
According to the press release, Xsolis was set up in 2013 to reduce operational costs, improve patient care, and improve communication between health systems and insurance companies by utilizing artificial intelligence, predictive analytics, and machine learning.
The company has 231 employees and is one of the largest health care IT companies in Middle Tennessee, according to research conducted by the Nashville Business Journal.
In order to expand its customer base and introduce new products to the market, Xsolis plans to use the funds raised to accelerate the growth of its operations.
According to Xsolis cofounder and CEO Joan Butters, the company has resolved a major challenge to the delivery of quality healthcare by developing the market-leading AI-driven platform for utilization management. She explained that the gap between healthcare providers and payers had been a major obstacle to quality healthcare delivery. As we continue to grow and deliver new technology solutions that will help improve the healthcare experience for patients, payers and providers, this investment will serve as a catalyst. The fact that Brighton Park recognizes the value of our solutions is an encouraging sign for us and we are eager to leverage their expertise in the industry as we move forward into this next phase of our growth journey.”
Despite the fact that the startup is part of Nashville’s massive $92 billion health care industry, the $75 million capital raise is an impressive amount for a startup that is located in the area. A study from the Nashville Business Journal shows that Brighton Park’s investment in Xsolis, a renewable energy company based in Middle Tennessee, would have been the third-largest capital raise in the state of Tennessee in 2020, following solar energy firm Silicon Ranch and Quincy Health. As far as the largest investment raised in the region in 2019, the investment would have been able to beat Silicon Ranch by $15 million, and would have landed the company the top position.
A majority stake in Franklin-based health technology company Relatient Inc. was bought by Brighton Park two years ago as the firm’s first Middle Tennessee investment. Neither the terms of the deal nor the value of the transaction were disclosed.
According to the press release, Brighton Park is a venture capital fund founded in 2019 that invests in businesses related to software, information services, and health care.
According to the press release, Brighton Park Managing Partner Mark Dzialga stated. There is no doubt that Xsolis represents a revolutionary way in which payers and providers can work together, unified by artificial intelligence and guided by a shared technological framework. I am looking forward to partnering with Xsolis as they embark on this exciting journey.”