Originally published by Mobi Health News on May 3, 2022
Element5, which offers software to post-acute care facilities to help automate administrative tasks, announced Tuesday it had scooped up $30 million in a Series B funding round led by Insight Partners.
The company said the latest round brings its total raise to $48.5 million. Its $15 million Series A was announced less than a year ago in August. Element5 said the funds will go toward increasing its reach into the post-acute care space.
"We're overwhelmed with the trust and support provided by Insight Partners, who share our common vision, which is to eliminate the need to perform manual, repetitive work for post-acute care," cofounder and CEO Joe Randesi said in a statement.
"The post-acute care industry demands improvements in operational efficiency and a means to overcome chronic staffing shortages. Over the last two years, we have witnessed significant growth in the adoption of our automation technology, and the next phase of our growth journey is focused on enabling more health organizations to embrace and operationalize the power of automation to reduce administrative costs and enhance patient outcomes."