CHAPEL HILL – Quinsite, a healthcare data analytics startup based in Chapel Hill, has closed $2.5 million in new seed funding, the company announced today.
According to a statement shared with WRAL TechWire, the new funding will enable the startup to pursue new opportunities in the market, as well as increase its strategic business development efforts.
Portions of the funding may also be allocated to accelerate enhancements to a company product, the Comprehensive Healthcare Analytics Platform™.
The company says that its platform offers ” real-time, robust dashboards and reports to help healthcare practice leaders gain visibility across their entire organization.”
The funding round was led by Jeff Clark, an RTP-based investor who is also the chair of the company’s board of directors.
Quinsite raised capital in 2019, and was previously known as Mile 5 Analytics.
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Future expansion
According to its statement, Quinsite serves 20 of the top 100 largest radiology practices in the country, with a 100 percent client retention rate.
Quinsite reported in its statement that it experienced “significant growth in 2021, despite unprecedented challenges presented by COVID-19,” noting that the company experienced a 70 percent increase in annual recurring revenue and a 75 percent average year-over-year revenue growth. The company was founded in 2017.
Next, the company plans to expand beyond radiology practices and into additional healthcare practices, which could include pathology, anesthesiology, emergency medicine, and/or orthopedics.
“We are so proud of the organic growth and success Quinsite has already experienced over the past few years, especially the many amazing client relationships we have worked hard to build,” said Jeff Maze, the CEO and cofounder of Quinsite, in the statement. “We are excited to use this new funding to help even more healthcare practices make better data-driven decisions and transform the way they do business,” added Maze.
The company’s COO is Jenny Maze, who told WRAL TechWire last June that the company prioritizes taking care of its internal team.
“We build in as much awareness for them as they’re whole human beings, not just Quinsite workers,” Maze told WRAL TechWire in an interview that included why the company chose to add Juneteenth as a company holiday earlier in 2021.
