Spectrum Equity has made an undisclosed growth investment in Symmetric Health Solutions, a Pittsburgh-based provider of healthcare supply chain item data. The deal marks the first institutional capital raised by Symmetric, which has been profitable since it was founded in 2018.
Symmetric maintains a database of nearly 20 million healthcare items, each carrying up to 1,800 metadata attributes, alongside five million verified substitutes. Staff at more than 45 health systems verify the data, and the company reports an average match rate of 96 percent. 98 percent of customers have stayed with the company since its founding.
“The opportunity for AI to improve healthcare operations is enormous, but you can’t leverage AI on top of data you don’t trust,” said Michael Radonich, managing director at Spectrum Equity. The investment will fund expanded go-to-market and customer success efforts, as well as further development of Contract Management, a recently launched product already used by more than one in five Symmetric customers.
Source: PE Hub · Summarized by HeadlinesBriefing