Simulation-based health care learning-platforms provider DecisionSim, based in Chadds Ford, said on Wednesday that it raised $1.85 million in Series A financing, positioning itself and its lead product, also called DecisionSim, for significant U.S. and global expansion.
The company received capital from Rittenhouse Ventures, a venture capital firm that invests in emerging technology companies, contributing $1.5 million, and Ben Franklin Technology Partners of Southeastern Pennsylvania, offering an additional $350,000.
DecisionSim is a simulation-based learning platform that enhances decision-making by allowing organizations to easily create assessment, education and training programs, delivering insights and improving outcomes through “real-world” engagement. The company recently expanded its relationship with the Department of Veterans Affairs and also licensed training technology from Drexel University College of Medicine.
“The new capital will benefit both existing and future clients by enabling us to enhance our simulation platforms, and will also allow us to expand into emerging growth areas, such as life sciences and managed care,” DecisionSim CEO Bob Yayac said. “We are seeing high demand for DecisionSim from health organizations … and now we can offer even more value to these clients.”
DecisionSim will use the funding to increase its staff size and technology infrastructure, including user interface upgrades, transition to a new hosting environment to accommodate client security and scalability needs, and development of a new client-oriented dashboard.
“We were attracted to DecisionSim, Inc., because of the versatility and effectiveness of its software platform across all types of learners and devices, which sets it apart from other simulation technologies,” Bruce Luehrs, founder and managing partner of Rittenhouse Ventures, said. “We believe DecisionSim is a sustainable learning approach with limitless potential.”
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