Seattle-based Valant Medical Solutions, which makes billing and health records management software for mental health professionals, has raised $11 million to support expansion into new markets and hiring.
The nine-year-old company makes cloud-based electronic health records, billing systems, and other communication and practice management tools used by some 5,000 psychiatrists, therapists, and other behavioral health professionals in private practice, as well as a half-dozen public behavioral health practices—a market the company is targeting for growth with the new funding, which will allow it to develop new features public practices need to comply with government requirements.
The funding is from an undisclosed Seattle private equity fund, as well as existing investors from the Puget Sound area and East Coast. Valant previously raised $4.2 million. Investors include Keiretsu Forum Northwest and Lighter Capital.
The company has 56 employees and plans to hire 23 more by the end of the year.
David Lischner, a psychiatrist trained at the University of Washington, founded the company with his software developer brother Ben Lischner after spending a few years in private practice and confronting “the absence of adequate solutions for behavioral health practice management and tools to support evidence based care.”
