Imaging outsourcing company Foundation Radiology Group has capped off 2010 with a $3.5 million investment, upping its fundraising to $9.5 million for the year.
The investment provides more fuel to the expanding firm, which was identified as Pittsburgh’s sixth-fastest growing company last year by the Pittsburgh Business Times. From 2007 to 2009, the company’s revenues skyrocketed 533 percent, according to a statement from Foundation Radiology.
The latest funding comes from existing investors Chrysalis Ventures and Health Evolution Partners, Chief Financial Officer Barbara Beaudin said. Beaudin said the funding would be used for “growth” and declined to be more specific.
Foundation has raised $19.5 million since it was incorporated in 2006, Beaudin said. Foundation offers on-site and telemedicine imaging services for hospitals and other health centers. Its services include neuroradiology, mammography, cardiac CT, pediatric radiology and general radiology.
The 75-employee company has 20 clients in five states — Pennsylvania, New York, Virginia, Kentucky and Michigan, Beaudin said.
Earlier this year, Foundation forged a partnership with a Pittsburgh company that provides medical transcription services.
A competing radiology outsourcing company, Radisphere National Radiology Group, pulled in the largest announced venture investment last year for an Ohio healthcare company: $27.5 million.
