GRAND RAPIDS — Spectrum Health Ventures LLC’s latest investment went to a Grand Rapids tech company that provides an in-room, interactive platform to give information for hospitalized patients.
The investment by the corporate venture capital arm of Grand Rapids-based Spectrum Health comes as eVideon Inc. prepares to launch a new suite of products known as Smart Room. They include a digital display mounted just outside of hospital rooms that shows patient precautions and requests, and an in-room electronic white board that can replace dry erase boards and integrate with medical records.
“This funding will significantly impact our ability to innovate and serve our hospital partners with cutting edge technology like the Smart Room,” eVideon CEO Jeff Fallon said in a statement.
A representative from Spectrum Health Ventures will join eVideon’s advisory board and board of directors, providing insights that will allow the company to “more meaningfully evolve our offerings and continue to address the needs of patients and providers alike,” Fallon said.
Spectrum Health has been a customer of eVideon for several years. The company’s platform provides bedside entertainment and information to patients via a video screen or TV, for example, on post-discharge instructions, videos on how to care for a wound or incision from surgery, or how to take prescribed medications. The system can also help hospital staff with workflows.
As Spectrum Health Ventures analyzed the health system’s supply chain for potential investment prospects, it found eVideon was “an uncovered gem,” said Executive Director Scott McLean.
“This decision emphasizes our ongoing commitment to driving growth and providing value for companies that have the potential to change the future of health care,” McLean said.
Terms of the investment in eVideon were undisclosed.
Formed in 2017 with a $100 million commitment form the health system, Spectrum Health Venture has invested $20 million across 24 deals. That includes investment made directly in companies, plus deals made through investment syndicates and strategic partnerships, McLean said.