Prodigo Solutions will continue its growth streak with its latest fundraising round, which generated $3.5 million for the health care supply chain company to dedicate toward product development and hiring new staff.
The company, which was formed by UPMC in 2008, counts as customers some of the nation’s largest and most-respected health systems, including a quarter of the top 50 integrated networks in the U.S., more than half of U.S. News & World Report’s Best Hospitals Honor Roll, and 30 percent of the health care provider organizations named to Gartner’s Healthcare Supply Chain ranking.
“Our client base has grown tremendously and we now represent a ‘who’s who’ of the nation’s top hospitals. We are focused on growing top line revenue by expanding our footprint within the nation’s best hospitals and growing our portfolio of health care clients,” said Kevin Liszewski, Vice President of Sales, Prodigo Solutions.
Prodigo, which was designed and developed inside UPMC, helps hospitals manage supply chains and control costs with a range of products, including an e-commerce solution that maximizes savings from supply contracts by driving users to the right product at the right price. That product has helped UPMC realize more than $3 million a year in supply chain savings.
Prodigo has quadrupled its number of staff and office space since 2014, when venture capital firm Alliance Healthcare Partners took a majority stake in Prodigo. With the latest investment, Prodigo plans to hire 16 people in development, client services, tech support and systems. The additional workers will bring total employment to 74.
“Our solution sets continue to grow as we find new ways to bring value to our customers by attacking contract compliance, risk management, and operational inefficiencies in the provider supply chain,” said Joe Mayernik, Executive Chairman and President, Prodigo Solutions.
UPMC and Alliance participated in this latest fundraising round, which followed a $5 million round in February 2017 and a $2 million round in October 2017.
“We are excited to continue our relationship with Prodigo Solutions, which grew out of UPMC’s innovative culture, and has set itself apart by offering a solution specifically for health care supply chains,” said Tal Heppenstall, UPMC Treasurer and President of UPMC Enterprises.
