Contact : Elizabeth Glaser
Dodge Communications
770-576-2551
eglaser@dodgecommunications.com
SCIOinspire announces formal launch
Leading capital partners invest in Series A financing; Strong leadership, results-oriented delivery model reasons for investing
Hartford, CT - May 16, 2008 - SCIOinspire, Inc., a premier provider of healthcare cost-containment services, today announced its formal launch after securing Series A financing from Sequoia Capital and SVB India Capital Partners, a member company of SVB Financial Group (Nasdaq: SIVB). This initial round of funding will be used to accelerate both organic and inorganic growth. Utilizing a focused delivery model, SCIOinspire will enable payers to reduce costs, recover more revenue and optimize business processes across the healthcare payer value chain.
With 80 percent of health plan dollars directed towards medical claims reimbursement, $100 billion lost to overpayments each year and the effectiveness of medical management programs still in doubt, payers across the country are seeking results-based approaches to managing medical costs, streamlining operations and reclaiming inappropriate payments. SCIOinspire will combine the expertise of clinical and analytical resources with advanced software applications to automate business processes using cost effective delivery methods.
"We are delighted to be partnering with Sequoia Capital India and SVB India Capital Partners to provide the next generation in healthcare service delivery," says Siva Namasivayam, Chief Executive Officer of SCIOinspire. "Issues of medical loss management, administrative costs and revenue recovery are of great concern to payers, and significantly affect their financial performance."
SCIOinspire is founded on a commitment to providing innovative, results-oriented analytics, cost containment and claims management solutions. "Often, today's cost- containment efforts - like chronic disease care management - represent a significant investment," adds Namasivayam. "We will utilize sophisticated business analytics and actuarial science to quantify our clients' return on that investment."
"We have great confidence in the strength of this offering," says Sumir Chadha, Managing Director of Sequoia Capital India. "The SCIOinspire model combines deep industry experience, analytical and clinical expertise, robust technologies, extensive knowledge assets and industry best practices in healthcare business services delivery."
"The founding partners have an impressive track record in business services strategy and operations management to the enterprise," notes Managing Director Suresh Shanmugham of SVB India Capital Partners. "The executive team demonstrates outstanding qualifications and a commitment to excellence. SCIOinspire is well-structured and well-positioned to deliver great value to healthcare companies."
About SCIOinspire
A premiere provider of cost-containment services for health plans, SCIOinspire offers innovative, results-oriented analytics, cost containment and claims management solutions. Freeing clients to focus on their core competencies, SCIOinspire draws upon an expert pool of medical and analytical resources, complemented by technology and knowledge assets.
About Sequoia Capital
Sequoia Capital (http://www.sequoiacap.com/us/venture-capital/) provides venture and growth equity capital for very smart people who want to turn ideas into companies. As the "Entrepreneurs behind the Entrepreneurs," Sequoia Capital's partners have been early investors in global market leaders such as Google, Cisco, Yahoo, YouTube, Oracle and Electronic Arts. Sequoia Capital has dedicated funds for investing in India, China, Israel and USA.
Sequoia Capital India currently manages more than $1 billion of venture and growth capital funds for India. It has been one of the most active investment firms there, having invested in more than 40 companies in India over the past few years - including market leaders such as Applabs, Bharti Telesoft, Coffee Day, Firstsource, Idea Cellular, Indiatimes, Indecomm, SKS Microfinance and marketRx. The firm operates out of offices in Bangalore, Mumbai and Menlo Park.
About SVB India Capital Partners and SVB Capital
SVB India Capital Partners, a part of SVB Capital, co-invest in companies across industries and stages with top-tier venture capital firms focused on India. SVB Capital is the private equity arm of SVB Financial Group. SVB Capital Partners, the unit's funds management group, invests in private equity funds and directly in portfolio companies on behalf of SVB Financial Group and third-party investors. The SVB Capital family of funds exceeds $1 billion and includes funds of funds, co-investment funds, venture debt funds and special situation debt funds, all invested predominantly on behalf of endowments and foundations. SVB Capital's Private Equity Group manages the company's relationships with more than 500 venture capital and private equity clients worldwide. In addition, the group introduces entrepreneurial companies to sources of venture financing. Located on Sand Hill Road in Menlo Park, Calif., SVB Capital is a member of global financial services firm SVB Financial Group, with Silicon Valley Bank, SVB Analytics, SVB Global and SVB Private Client Services. SVB Capital serves clients across the U.S. and in technology-focused markets worldwide. Additional information is available at www.svbcapital.com.
Banking services are provided by Silicon Valley Bank. Silicon Valley Bank is a member of the FDIC and the Federal Reserve and it is the California bank subsidiary of SVB Financial Group, which is also a member of the Federal Reserve.
