ConsortiEX raising $3 million round

Startup helps hospitals compound and distribute medications

Organizations:

Milwaukee-based ConsortiEX Inc., a health care information technology firm, has launched a $3.1 million equity funding round.

The company has so far raised $2.6 million from 19 investors since the offering was launched May 18, according to an SEC document filed Thursday.

ConsortiEX indicated in its filing that about $175,000 of the proceeds will be used for general working capital, including salaries for some of its executive officers and directors.

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Neal Long, chief executive officer of ConsortiEX, could not be reached for information about how the remainder of the funding would be used. The firm indicated in the filing it will not be used for a business combination transaction.

ConsortiEX was founded in 2013 and was originally based in Andover, Massachusetts, but moved its headquarters to Milwaukee in 2015 after it received a $250,000 loan from the Wisconsin Economic Development Corp.

The company designs and installs high-tech software used by hospital pharmacies to compound and distribute medications.

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