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Health care software firm raises $1.15 million

March 9, 2010

Indianapolis-based PolicyStat LLC has raised $1.15 million in angel capital, the company announced Tuesday.

The company sells software as a service to health care providers to help them manage and communicate the latest regulations, accreditation mandates and insurance requirements that determine the policies workers must follow.

The money came from 31 individuals, some of which are part of the Halo Capital Group, an Indianapolis-based group of retired executives and entrepreneurs that invest in startup companies. Halo’s investment of an undisclosed amount had been announced in January.

PolicyStat also drew in money from the company’s executives and some local physicians. Also, Christopher Clapp, who was CEO of Indianapolis-based Angel Learning Inc., joined PolicyStat’s board of managers.

PolicyStat plans to use the money to fund its operations as it seeks to sign up more customers. One of its most notable clients is the St. Vincent Heart Center of Indiana.

“We are excited about both the operating capital we raised and the people who participated in the round because each will play a role in our future success,” said PolicyStat President Steve Ehrlich in a prepared statement.
 

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