Health data analytics startup Bivarus CEO Dave Levin, a Triangle life science marketing veteran, talks with WRAL TechWire about what his plans are for growing the Durham company after raising $4 million in new capital. The round was led by Hatteras Ventures. And Levin plans to immediately boost hiring by up to 15 people.
The funding was first disclosed in an SEC filing on Monday. Bivarus, which launched in 2014, and its investors formally announced the deal early Tuesday.
Levin brought plenty of experience to his Bivarus CEO role, having worked at Clinipace Worldwide, etrial and MercuryMD among other firms in a career dating back to 2001.
- How do you plan to invest the funds?
We are continuing to invest in the product and growth. On the product side, we’re strengthening and enhancing our data visualizations and advanced analytics.
- Will there be additional hiring and if so in what areas?
We plan to hire 10-15 team members throughout the year with a focus on engineering, data science, sales, marketing, and customer success.
- Why raise the funds now? How long did you have to look? Was it difficult to find backers?
As consumerism and value-based purchasing gains traction, measuring and improving the patient experience has become one of the top priorities of the health care system. With continued industry momentum, existing investors are extremely supportive.
We started talking about raising more funds in late last year, so about 3-5 months.
Our investors wanted to put more money to work and are the primarily participants in this round, so it wasn’t difficult to find backers.
In fact, we let a few new investors into the round based on strong local interest.
- What’s your secret sauce – and how are you making the sauce better since launch?
Bivarus offers a unique software platform and related services for capturing patient-generated data that delivers more real-time, relevant insights across every patient encounter. We have flipped traditional patient experience measurement on its head by sampling measures, not patients; and targeting measures based on the unique attributes of each patient encounters.
Healthcare leaders leverage Bivarus’s cloud-based analytics platform to identify service issues at their root cause, evaluate provider performance and track quality improvement efforts instantly, rather than in hindsight.
- Do you have paying customers? What’s the revenue model?
We have over 150 paying customers. We have a combination of subscription and professional services revenues.
Chief Executive Officer Bivarus, Inc.
Employment Duration2 yrs 7 mos
LocationChapel Hill, NC
VP, Global Marketing
Company NameClinipace Worldwide
Dates Employed2008 – Aug 2014
Employment Duration6 yrs 8 mos
Company NameMEDSEEK, Inc.
Dates EmployedJun 2007 – Feb 2008
Employment Duration9 mos
[etrial Worldwide, Inc]
Company Nameetrial Worldwide, Inc
Dates EmployedOct 2006 – Jun 2007
Employment Duration9 mos
VP, Marketing & Product Management
Company NameMercuryMD, Inc.
Dates EmployedAug 2001 – Sep 2006
Employment Duration5 yrs 2 mos