Last updated on May 13th, 2019 at 02:21 pm
Focused on creating a “new map” for the health-care IT industry, CartaNova, Inc., (www.cartanova.com) a spin-off of the Mequon-based technology incubator, Telaric, has received $1 million in financing from a local angel investor, representatives of the firm said.
“We’re extremely pleased to receive this investment which greatly enhances our ability to develop our products and attract the health-care IT companies that we’re targeting,” said Carols de la Huerga, president and CEO of the new company. De la Huerga also serves a dual role as president and founder of Telaric, 10558 N. Port Washington Rd., Mequon, and took on the new leadership role because of his background and knowledge of the subject of enterprise contextual computing and the health-care industry.
“I knew I was the best guy for the job because I knew the most about it,” says de la Huerga, who, in a previous life, served as vice president of engineering at Marquette Medical Systems, now GE Medical Systems.
The company currently has its sights set on the health-care market because, de la Huerga says, that’s where he sees the most need for this kind of “passive technology.” “The health-care field has the best environment for this,” he says. “Many health-care professionals don’t want to deal with technology. They need a more passive technology that will enable them to take care of patients properly, instead of worrying about entering data on their computer correctly.”
CartaNova’s niche is in the fledgling realm of enterprise contextual computing, creating products that are used to improve information management, data collection and IT security by altering a worker’s interaction with computers based on his or her “context.”
“Contextual” items include such data such as who the user is, what he has done, and what he is reading.
The tools are sold to information technology companies and to integrators.
Currently, CartaNova’s suite of technologies consist of four interrelated products for the health-care industry. They include HyperPhrase context-processing software, CartaNova contextual digital assistant (CDA), BrowserBot browser enhancement software, and CartaNova smart patient identification. Future products will be based on the company’s existing patent-protected technologies and technologies resulting from its continued R&D efforts, according to company officials.
Larry Wells, vice president of marketing for CartaNova, says that hospital medical errors are the top issue in health care today, an issue which CartaNova’s products aim to prevent. “Preventable health-care errors are the sixth largest cause of death in the country today — above many forms of cancer,” he says.
With nearly 34 million admissions per year, preventable injuries from health care are estimated to affect 3% to 4% of all hospital patients.
Since March of 2000, when Telaric provided CartaNova with its first seed funding, the company has operated as an independent entity with ongoing support and assistance from Telaric on an as-needed basis. Officials at Telaric say the company plans to maintain a long-term, supportive relationship with CartaNova.
CartaNova, which is Latin for “new map,” is the second company to be launched by the technology incubator. Telaric launched Vigilo, Inc., last July. That firm’s mission is to provide a medication management and home-monitoring solution that is intended to help prescription drug companies, pharmacies, third-party payers and patients enhance the value delivered by outpatient medication expenditures.
CartaNova is seeking an additional $5 million in venture capital or private equity funding, which will be used to develop additional products. The name of the investor who provided the $1 million was not disclosed.
“Having angel investors willing to provide this level of funding is critical to developing high-tech companies in Wisconsin,” de la Huerga notes. “These companies create new jobs and diversify the state’s economy.”
10558 N. Port Washington Rd., Mequon
CEO: Carlos de la Huerga
Products: enterprise contextual computing for the health-care IT industry.
Financials: seeking an additional $5 million in funding.
April 27, 2001 Small Business Times