Pittsburgh, PA – February 21, 2017—Babel Health, LLC, a provider of an integrated suite of Risk Adjustment software and services to Health Plans, announced the closing of an oversubscribed Bridge round of funding totaling $1.5M. The round was led by an experienced group of individual investors with strong experience in and market knowledge of the Healthcare IT space. The funding will be used to support Babel’s ongoing product development efforts and to accelerate sales and marketing endeavors.
“We are thrilled that Babel Health’s story of providing innovative, disruptive SaaS products for health plans has resonated with such a strong group of investors,” commented Robert Dunn, Babel’s Chief Executive Officer. “This investment is a testament to our success to date and, more importantly, to the opportunities that lie ahead.”
As part of the investment, Mark Pacala has joined Babel’s Board of Directors. Mr. Pacala has over 30 years of general management and private equity experience in healthcare and is currently an Operating Partner at Pamplona Capital focused on healthcare investment. “Mark offers tremendous strategic insight into our market based on his extensive experience,” noted Oron Strauss, Babel’s Chairman and Co-Founder. “He is exactly the right person to help us achieve the next level of success.”
I’m firmly convinced that Babel Health is primed for great success. It’s the right product in the right market with the right team at the right time, Mr. Pacala stated. “I look forward to working closely with Bob, Oron, Mark, and the rest of the Babel team to build an excellent company.” Other investors who participated in the round, include Alan Hoops, Executive Chairman of Health Essentials and former CEO of PacifiCare Health Systems and CareMore Health Group; Bilgola Capital, and Babel senior management.