Blue Sky boosts Alcidion with $2.8m - report
Listed fund manager Blue Sky Alternative Investments has funneled A$2.6 million ($2.8 million) of capital into Australian health informatics firm Alcidion.
The funding will allow the Adelaide-based company to launch its clinical decision-support platform worldwide, The Australian reported.
Alcidion has built a software designed for use in hospitals and clinics, which generates real-time decision intelligence using patient-specific information. CEO Ray Blight said the company aims to embed this platform in products supplied by health IT developers around the world. Its technology is already being used in several Melbourne teaching hospitals and in the Northern Territory, as well as in a Tasmanian e-health record pilot.
This transaction presents "a huge opportunity as industry reforms and an ageing population underpin growth for healthcare companies" in the medium to long term, according to Blue Sky Private Equity Investment Director Alex McNab.
Alcidion represents the first investment from Brisbane-based Blue Sky's EC2010 private equity fund, which focuses on energy, housing, health and infrastructure deals involving Australian SMEs. The vehicle was launched in June 2010, with a target of $50 million. Its resources are to be allotted to both "proved assets" as well as new portfolio companies looking to expand organically or through acquisitions. Blue Sky sought capital for EC2010 from self-managed superannuation fund (SMSF) investors and alternative institutions.
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