Audacious Inquiry, a Baltimore health care information technology firm, has received an sizable investment from ABS Capital Partners, a Baltimore-based venture capital firm.
The size of the investment wasn’t disclosed, but ABS Capital typically seeks to invest $10 million to $25 million when it buys a stake in a company, according to its website.
The funding will allow Audacious Inquiry, which also calls itself Ai, to further develop its health technology solutions and to expand its geographic footprint. Its products “facilitate the exchange of health information to deliver care coordination solutions,” the company said.
For example, the company helped develop the Chesapeake Regional Information System for our Patients, or CRISP, a health information exchange serving Maryland, West Virginia and the District of Columbia that allows health care professionals to access patient information across medical facilities.
Nearly 2,000 healthcare organizations now subscribe to Ai’s solutions for the benefit of more than 28 million patients.
“We were impressed by the company’s ability to demonstrate strong growth and profitability while developing solutions that have the ability to reshape the healthcare landscape for the better,” said Cal Wheaton, general partner at ABS Capital, who will join the board of Audacious Inquiry.
The investment from ABS Capital marks the first time that Audacious Inquiry accepted an outside investment.
“We look forward to our partnership with ABS Capital as we work to accelerate interoperability across the country to enable better communication, coordination, and care,” said Chris Brandt, managing partner of Audacious Inquiry, in a statement.
Founded by former Alex. Brown & Sons executives in 1993, ABS Capital focuses on late stage investments in health care and business technology companies.