WellAWARE Systems Raises $7.5 Million in Growth Capital

CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--WellAWARE Systems, the leading developer of next-generation wellness monitoring solutions for senior care providers, announced today that it has closed $7.5 million of growth capital from Valhalla Partners and .406 Ventures. The funds will allow the company to better serve the important and rapidly growing senior care technology market. Forrester Research reports that remote personal health monitoring sales are expected to reach $5 billion in 2010 and explode to $34 billion by 2015.

“We are proud to be a part of this growing industry and with the investments from Valhalla Partners and .406 Ventures we now have the expertise, resources and influence to help us continue to build a great company and pioneer the evolution of the advanced senior care technology market.”

“We are proud to be investors in WellAWARE Systems,” said Gene Riechers, general partner, Valhalla Partners. “We support the company’s important mission to improve the lives of seniors while providing valuable information to caregivers and family members allowing them to make more informed decisions in support of proactive care planning. We look forward to being part of the team in continuing the growth of a great and industry-leading company.”

The technology powering WellAWARE Systems was jointly developed by biomedical engineers and software developers at the University of Virginia’s Medical Automation Research Center and two of the country’s largest providers of senior care, The Evangelical Lutheran Good Samaritan Society and Volunteers of America. Based on this collaborative effort between the senior care industry and leading technology research organizations, WellAWARE Systems has developed a broad set of monitoring, reporting and analytical capabilities to improve the lives of seniors. At the same time, WellAWARE provides significant value to professional caregiving organizations through improved operational efficiencies and a more proactive approach to care delivery. WellAWARE’s innovative solution is delivered in a Software as a Service (SaaS) format, thereby reducing upfront customer costs and simplifying implementation for senior care providers. The system has been deployed in both home and community-based service settings as well as senior living facilities.

“After a thorough evaluation of this market, we were excited to partner with WellAWARE Systems,” said Liam Donohue, general partner, .406 Ventures. “The company seamlessly combines leading-edge passive monitoring technology, an exceptional leadership team with senior care industry experience and an organizational culture that understands the importance of service quality. We believe that these are the critical elements to building great healthcare services companies.”

“The investments from Valhalla Partners and .406 Ventures affirm the value in our wellness monitoring solution and the growing demand for next-generation healthcare technologies,” said Jeff Noce, president and CEO, WellAWARE Systems. “We are proud to be a part of this growing industry and with the investments from Valhalla Partners and .406 Ventures we now have the expertise, resources and influence to help us continue to build a great company and pioneer the evolution of the advanced senior care technology market.”

About .406 Ventures

.406 Ventures is an early-stage venture capital firm that invests in innovative Information Technology (“IT”) and services companies founded by the finest entrepreneurs. .406 Ventures was founded in 2005 by Maria Cirino, Larry Begley and Liam Donohue. The Partners had worked together over 8 years founding, building and investing in over 12 successful IT and services businesses. The team is comprised of industry entrepreneurs, operators and investors who apply real world experience, deep industry knowledge and networks, and strong company-building skills to create value for our entrepreneurs and investing partners. .406 has been active in backing innovative healthcare service providers, most notably Health Dialog Corporation, a leading player in the care management industry. The company is often the lead, first institutional investor in early-stage and de novo investments in market-changing IT Security and Infrastructure, Technology-Enabled Business Services, and Next-Generation Software companies. http://www.406ventures.com.

About Valhalla Partners

Valhalla Partners is a trusted partner and advisor to technology entrepreneurs in their quest to build world-class companies. Based in Vienna, Virginia, the firm's management team has made more than 120 investments over the past twenty years and produced almost $1 billion of investment proceeds. Valhalla prefers investments where the mission of the company is to innovate, challenge and fundamentally change the dynamics of new and existing markets. Investments by Valhalla's team include Advertising.com, BDMetrics, CareerBuilder.com, Clarify, EnterpriseDB, Epicor, Exchange Solutions, JumpTap, LeftHand Networks, Mobius, NextLink, Nirvanix, Progress Software, Proxicom, RealOps, Register.com, Riverbed Technologies, SafeNet, SEPATON, ServiceBench, Trilogy, and webMethods. Valhalla Partners brings the full power and network of its experienced team to every investment it makes, helping companies grow faster and smarter regardless of size or maturity.

For more information, go to www.valhallapartners.com.

About WellAWARE Systems

WellAWARE Systems offers the opportunity for enhanced quality of life for our aging population through an innovative approach to wellness and safety for senior living. Built in collaboration with the senior care industry, WellAWARE is a low-cost monitoring solution that gathers and reports behavioral and wellness information of a cared-for individual, in their home or at a senior living facility, in support of higher quality, more efficient, and less costly healthcare. For more information on WellAWARE Systems, please visit www.wellawaresystems.com.