Mass. hospitals contribute to $3.5M equity funding round for healthcare startup

Six Massachusetts hospitals are participating in a $3.6 million equity funding round to support Blue.Point, an Andover, Mass.-based healthcare startup company, according to the Boston Business Journal.

The investing organizations include New Bedford-based Southcoast Health, Burlington-based Lahey Health, Tewksbury-based Covenant Health System, Westford-based Circle Health — the parent company of Lowell (Mass.) General Hospital — Berkshire Health System in Pittsfield and Glens Falls Hospital in New York City, according to the report.

Blue.Point, which focuses on hospital analytics and supply chain management, says it hopes to use the funding to expand its client base. The 11-person company already works with 125 hospital clients, including its six most recent investors.

Blue.Point is a spinoff company from Yankee Alliance, a group purchasing organization in Andover, according to the report. The six investing hospitals were members of the alliance and helped develop the new company's technology.

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