January 18, 2022
Xillum, a business intelligence software-as-a-service company focused on helping healthcare businesses, announced a $1.1 million seed round of investment with participation from Elevate Ventures and angel investors.
Xillum offers a portal to help healthcare companies increase profitability. The company’s technology uses a series of algorithms to analyze data to identify key business metrics as well as opportunities to cut costs.
Xillum’s physician portal
“Xillum’s business intelligence platform will be significant in the radiology market by providing insights to practitioners interested in solving a multitude of operational challenges,” said Dan Meek, Elevate Ventures entrepreneur-in-residence serving Elevate Northeast Indiana, a partnership focused on startups in northeast Indiana. “We’re pleased to have been a part of Xillum’s early success and look forward to seeing it develop further.”
Founded by Eric Beier, M.D., and CEO Joe Wolfcale, Xillum began as a solution for tracking data. While working at a radiology practice, the team wanted to find an easier way to access data and developed a database that automates the process of gathering Health Level Seven (HL7) data in seconds. They also added the ability to track payment and revenue information so radiologists could see key business statistics in a secure online portal.
“The funding we received will allow us to continue the development of our product, to expand our client reach and grow our customer base,” said Wolfcale. “We’re grateful to all of our investors for believing in us.”