Perminova Raises $7M to Expand Development of Health IT as a Service

Perminova, a San Diego startup developing Web-based software for use in cardiology centers, says today it has raised $7 million in a combination of equity and credit financing. The company says it is pioneering healthcare’s move from outdated client-server technology to secure cloud-based computing.

The company was founded several years ago by Gregory Feld, a professor of medicine at the University of California, San Diego, and director of UCSD’s cardiac electrophysiology program. What began as a database for tracking electrophysiology procedures and patient care, though, has evolved into a more comprehensive workflow system provided as software-as-a-service for everything from patient scheduling to post-procedural documentation and billing.

The company’s first product, Perminova EP, is being used by the UC San Diego Health System and at New York’s Mount Sinai Hospital.

In a statement this morning, the company says its financing includes $3 million in Series A equity funding and a $4 million credit facility that can be accessed by the company as needed. Perminova CEO Craig Collins declined to identify the company’s investor, saying, “We have a large institutional investor and they don’t want to have their name out there.” He characterized the investor, though, as a super angel.

Collins says the funding will be used to expand product development, and for working capital, product development, sales, and marketing. “This round of funding provides us with an ample runway to gain market traction and market acceptance while creating a clear path to sustainable growth,” Collins says in the statement from the company.

“We now have the resources to expand our product offering, which will ultimately establish Perminova as the market standard in web-based software and cloud computing in healthcare,” added Collins. “This round of funding provides us with an ample runway to gain market traction and market acceptance while creating a clear path to sustainable growth.”

Perminova has been based at EvoNexus, the free startup incubator operated by CommNexus, the San Diego nonprofit technology industry group, since mid-2010. Securing financing, however, usually signifies that a fledgling EvoNexus company is ready to move out on its own. Collins indicated the company would likely move into its own commercial office space sometime in January.

Author: Bruce V. Bigelow

In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here. Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University. Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.