Sunday, November 7, 2010

TNInvestco money lures Boston health tech startup

A Boston-based health-care technology startup moved to Nashville this week after receiving $4.5 million in capital from the state's venture capital fund, TNInvestco, and other local investor groups.
Shareable Ink, which opened an office in Burton Hills on Tuesday, has developed software that converts handwritten medical notes to electronic medical records in near real-time.

The nine-member company plans to move most of its staff to Nashville by the end of the year. It is hiring six additional staffers in Nashville, President and CEO Stephen Hau said. It will maintain a regional office in Boston, Hau said.

The company is the latest beneficiary of TNInvestco, a state investment fund established last year that has raised $146 million in investment dollars by selling tax credits to insurance companies.

The Tennessee Angel Fund, one of six such enterprises established as part of the TNInvestco program, completed the investment package in partnership with other investors.

Those include the Nashville Capital Network's Angel Fund and Angel Group, the Martin Companies and Heritage Group Holdings.

"This is exactly the kind of early-stage investment envisioned by the state of Tennessee when it created the TNInvestco program," said Sid Chambless, managing partner of the Tennessee Angel Fund and executive director of the Nashville Capital Network.

Shareable Ink was launched two years ago and markets its software to customers ranging from single-physician practices to large health-care companies. It recently partnered with Dallas-based T-System to tailor its product for emergency rooms, Hau said. Hau said the move to Nashville was a natural fit.

"I'm a firm believer that Nashville is the health-care capital of the country," Hau said. "I'm here to be part of it."

Reach Anita Wadhwani at 615-259-8092

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