Quantia Communications, parent company of physician social networking site QuantiaMD, has raised $10 million in Series B venture capital. The money will allow Waltham, Mass.-based Quantia to start marketing its "physician relationship management" services and online community of more than 200,000 physicians to health systems.
Publicly traded venture capital firm Safeguard Scientifics contributed $7.5 million, while previous Quantia investors, including Fuse Capital, provided the remainder, according to the companies involved. Quantia had closed a $12 million round, led by Fuse, in October 2012.
The investment comes as Quantia looks to move into a growth phase and provide support to accountable care organizations, according to CEO Mike Coyne. "What they're really looking for are [physician] behaviors to influence outcomes, revenue, quality, and cost," Coyne told MobiHealthNews. "You have to communicate to doctors why accountable care is important."
To this end, Quantia will be hiring new sales staff to focus on health systems, augmenting the sales force already in place to target pharmaceutical and medical device companies that want to promote their products to physicians. The company also will continue to expand its physician audience now that executives are confident that the platform is solid.
"A lot of the super-hard work has been done," Coyne said.
Coyne said Quantia has recently signed its first multiyear service agreement with a health system. He would not divulge the client's name yet, but said to expect an announcement in a few weeks. "We also have a number of pilots underway," Coyne added.