Despite filing an amendment for its Series A financing round, VoCare confirmed that the company is in the market to raise $20 million via a brokered equity private placement. The company structured the offering to remain open until April 2015 if not fully subscribed. No securities have been subscribed by investors yet. The private placement, excluding $500,000 to be paid toward officers’ salaries and $500,000 to be paid in placement fees, will bring in estimated net proceeds of $19 million. Until this disclosure VoCare had raised an estimated $5 million in unregistered securities via one previous financing round. The company disclosed to Random Research having raised $5 million as part of its Series A financing round despite its previous filing disclosing $3.35 million raised. The company is backed by SAW Capital and Elevate Ventures.
VoCare is a health tech company developing simple to use alert and monitoring products for seniors. Products include MyHealth Tablet which allows physicians and care giver to monitor patients remotely. The tablet has the ability to capture all patient vital signs (such as weight, blood pressure, glucose reading, temperature, oxygen level, and others), as well as conduct a “remote office visit” with a patient. It also offers audio and visual medication reminders, physical therapy alerts, and patient education on relevant topics. The tablet is Health Insurance Portability and Accountability Act (HIPAA) compliant. Other products include a personal emergency response system, a mobile phone solution as well as a call center.
The company, headquartered in Indianapolis IN, is led by Steven R Peabody (President and CEO). VoCare elected to keep its revenues undisclosed.
*The size is well outside our coverage however it shows how analysis and research can turn a questionable filing into news.
Industry: Other Health Care
Amount offered: $20 million
Data as of: 04-25-2014