Booming health care software firm Xsolis has landed $75 million in funding to help it continue to take advantage of its AI-fueled work to better connect doctors and insurers.
The backing from Connecticut-based Brighton Park Capital — even at $75 million, it is for a minority stake — comes after eight-year-old Xsolis has nearly doubled its employee count in 18 months to more than 230. The company began life as a traditional utilization review service and now markets AI-driven case review and patient data analytics services for both providers and payers. Co-founder and CEO Joan Butters in 2018 told the Post that being an intermediary serving both sides of the reimbursement dynamic was “a thrilling prospect and a natural evolution of how we serve the market.”
Brighton Park Capital specializes in partnering with growth-stage software, health IT and tech-enabled business services ventures. Among the company’s other investments are local patient engagement firm Relatient, which like Xsolis was first backed by Jim Sohr’s Powered Health. The firm’s leaders last November completed the raising of $1.1 billion for their flagship fund.
“We have addressed the communication gap between health care providers and payers that had presented a major challenge to the delivery of quality health care,” Butters said in a statement. “This investment will be a catalyst as we continue to expand and deliver new technology solutions, creating a better health care experience for patients, payers and providers. We are excited Brighton Park recognizes the value of our solutions, and we look forward to leveraging their industry expertise as we enter this next phase of growth.”
The new funding from Brighton Park will help Butters and her team scale their operations and add customers and products. The company has in recent months recruited a COO, its first CFO and several key vice presidents, among other things.
“Xsolis represents a convergence of opportunity, with products that fit the needs of today’s health care ecosystem, a leadership and advisory team that has scaled and grown companies before and an attentiveness to their customer that is evident and exciting,” said Mark Dzialga, managing partner at Brighton Park. “Xsolis brings payers and providers together in a new way, united by artificial intelligence and informed by a shared technology framework.”
Xsolis has been based in Grassmere since the summer of 2019 and later that year acquired local health care communications software company MEDarchon to build out its arsenal of tools.
