Peloton Equity – a Connecticut-based private equity firm that seeks to invest growth capital in innovative healthcare companies – announced that it has closed an investment in OnPoint Healthcare Partners. This fast-growing AI-enabled technology services provider offers solutions to hospitals and medical groups designed to reduce physician burnout and improve administrative efficiencies. This investment was led by Peloton Equity, alongside participation from Fort Maitland Capital.
The investment will enable OnPoint to accelerate a product development roadmap, bolster its sales and marketing efforts, and strengthen the company’s plauded customer service. Launched in 2020 by Jim Boswell (CEO) and Rodney Haynes (COO), OnPoint utilizes proprietary AI-enabled technology, a global team of physicians and change management guidance to deliver solutions that reduce the administrative burden of desktop medicine facing healthcare practitioners across the country. Plus, OnPoint equips providers with tools to maximize and optimize the time they spend caring for their patients.
With this funding round, Sean Carroll and Justin Yang with Peloton and Michael Clark, President of RAAPID.AI will join the board of directors.
Goodwin Procter LLP acted as legal advisor to Peloton and Withers Bergman LLP acted as legal advisor to the Company. And Hyde Park Capital Advisors, LLC served as the exclusive financial advisor to OnPoint with respect to this transaction.
KEY QUOTES:
“We are thrilled to be partnering with Peloton to help OnPoint capitalize on the massive and unmet need to support providers in an increasingly complicated environment. Peloton’s expertise and network will help us expand our reach while maintaining the level of quality and partnership that we pride ourselves on.”
– CEO Jim Boswell
“Peloton seeks to partner with innovative companies like OnPoint that make a business out of improving healthcare. We view the growth of the administrative burden on today’s doctors and their employers as an unsustainable trend and a primary driver of cost and provider burnout.”
– Justin Yang, Partner at Peloton Equity
“We believe OnPoint’s proprietary AI-enabled technology, unique service approach and operational ‘know-how’ position them to tackle this issue head-on. We are very excited to work with Jim, Rodney and the rest of the management team to support OnPoint’s next phase of growth.”
– Sean Carroll, Operating Partner at Peloton
