Brightree, a software as a service provider for a variety of medical equipment firms, plans to make acquisitions and to expand the company after closing on new funding from Battery Ventures.
The size of the Series A investment was not disclosed.
Brightfree offers business management solutions to home medical equipment, orthotics and prosthetics and other firms.
"Brightree has all of the elements we look for in our later stage investments: a profitable, fast growth business, a market-leading product with happy customers, and an experienced management team at the helm," said Neeraj Agrawal, general partner at Battery, in an investment. "The company is in an excellent position to continue to grow organically as well as to acquire complementary companies to extend their leadership position."
The company has added more than 700 customers over the past three years.
"While we could continue our growth without outside investment, we see an opportunity to consolidate the markets we serve today by investing more in our customers’ success than our competitors do, and taking our successful business model into complementary markets such as home health, retail pharmacy, and long term care," said Dave Cormack, Brightree’s chief executive officer.
According to the company, Brightree is the second largest filer of Medicare claims in the U.S. In 2008, Brightree anticipates filing more than 13 million claims totaling more than $2.4 billion.
