Shareable Ink Raises $3 Million in Debt Financing


Shareable Ink announces that it has raised $3 million in debt financing and is pursuing an additional $1 million before closing the round. If successful, the new round will bring Shareable Ink’s total funding to $29 million since its 2009 launch.

Shareable Ink is a Nashville, TN-based startup working to improve clinical documentation by bringing the pen and paper back into clinical workflows. The company has developed a pen that captures handwriting as clinicians fill in paper forms and write out paper notes. Data captured with the Shareable Ink digital pen is analyzed, normalized, and shared with core EHRs, billing systems, and public registries through standard interfaces. By allowing clinicians to keep using the paper-based forms they are used to, Shareable Ink can extract important data from clinical workflows and inject it into core EHR systems without requiring that organizations completely redesign their clinical processes or retrain clinicians on new documentation templates. The platform is being deployed by organizations with clinical departments that are resistant to adopting the clinical documentation tools available within core EHR systems, which may present with less than ideal user interfaces and workflows.

Shareable Ink has had a turbulent road to market since its launch. The company was founded by MIT alum and former PatientKeeper founder Stephen Hau, who held the role of CEO from the company’s launch until 2013.  In December 2013, the company closed an oversubscribed $10 million Series C round led by healthcare-focused venture capitalist firm Lemhi Ventures.  Just prior to closing the round, Shareable Ink realigned its executive suite, introducing former Allscripts executive Laurie McGraw as its new CEO, and adding Glen Tullman, former Allscripts CEO, to the Shareable Ink Board of Directors. After two years in position, McGraw recently resigned, and has been replaced by Hal Andrews, a Nashville healthcare executive with an extensive entrepreneurial history.

After having moved through three CEOs in its six year history, investors appear skittish, and as a result the company is rising a debt-backed funding round, rather than a more substantial equity-backed Series D.

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