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Health Scholars, known for their VR simulations and the cloud-based training platform, completed its Series B round of financing with $17M investments.
FREMONT, CA: Health Scholars, known for their VR simulations and the cloud-based training platform, completed its Series B round of financing with $17M investments. The company, whose platform is used by the management, delivery, and analysis of clinical training, expressed excitement as it closed the funding round with investments from Arboretum Ventures, Venture Investors, Capital Midwest Fund, OSF HealthCare, along with crucial family office seed funders.
The latest investment collected will help Health Scholars to focus on continuous introduction and expansion of new virtual technologies for both the hospital and public safety market. This will enable a higher degree of accessibility, scalability, and immersion at more than 80 percent reduction in cost when compared to traditional simulation training methods. The funds will specifically be used by the company to broaden its VR content library and further develop the virtual learning platform to incorporate enterprise-scale deployments and analytics, along with enhancing the growth of its go-to-market resources and strengthening of its IP base.
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"Closing our Series B financing is a huge vote of confidence from both the market and investor community of Health Scholars' strategy and value, says Cole Sandau, Chief Executive Officer at Health Scholars.”Having $17M in new capital to expand our focus on patient safety and quality issues will provide our customers with truly transformative training and virtual simulation technologies that will drive improved patient outcomes," he continues.
"It has been challenging and expensive for hospitals to maintain system-wide readiness for high-risk infrequent events that require rapid response. The Health Scholars team brings deep domain knowledge of these educational requirements and the unique capabilities of virtual reality for addressing this problem. They improve access and provide immersive training, resulting in increased retention, lower costs, and better outcomes." - John Neis, Managing Director, Venture Investors LLC
"We are always looking for partners who share our vision of transforming health care to improve the lives of those we serve. With Health Scholars, we've discovered a team as passionate about improving patient safety as we are, have a deep understanding of how patient outcomes are impacted by training and have developed a viable, smart VR platform to advance clinical training, performance insights, and clinical behaviors," said Robert C. Sehring, Chief Executive Officer, OSF HealthCare
Health Scholars' mission is to develop healthcare education by virtualization, converting experience-based training into a scalable, accessible, and affordable service for both healthcare and public safety providers. Health Scholars is a cloud-based, VR-ready clinical training platform that utilizes VR simulations, simulations management, and clinical readiness reporting solutions for the handling, delivery, and analysis of clinical training. The company's VR simulations go beyond simulation centers, providing repeatable practice of proper workflows along with soft critical skills such as communications, awareness, and critical thinking.
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