When we last heard from Foundation Radiology Group, the radiology outsourcing company had raised $1 million last November, funding that was revealed in a regulatory document.
Now the company has filed an amended regulatory document with the U.S. Securities and Exchange Commission that indicates it’s raised another $1 million.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
That’s consistent with Pittsburgh-based Foundation’s practices of not following the traditional fundraising route of discrete A, B and C rounds. Instead, the company simply raises funding as it’s needed and seems to have little trouble doing so.
Foundation’s major investors are Chrysalis Ventures and Health Evolution Partners. Foundation has raised approximately $23 million.
Although the market for advanced imaging services such as CT and PET scans is expected to experience a significant slowdown in the coming years, companies in the market say they’re not concerned. Radiology is a huge market valued at more than $100 billion annually, and market share is always ripe for the taking, so companies like Foundation figure to have no shortage of dollars to chase in the future.
In December, Foundation announced that it had added a new customer, a 117-bed hospital in Somerset, Pennsylvania.
