NASHVILLE- and Little Rock-based AngelEye Health Inc. is wrapping its $9MM Series C equity raise, taking total capital-in since the company's inception to $29MM.

The first sale of the C-round was March 27, according to CEO Christopher Rand's April 14 SEC filing, which showed just over $3MM in, at the first close.

Although the AngelEye team is aware of potential opportunities for geographic and use-case expansion, Rand told VNC yesterday that AngelEye remains highly focused on deploying SaaS and related offerings for Neo-Natal Intensive Care Unit (NICU) operations that require neo-natal monitoring and engagement for support of infant patients, parents and care teams.

It currently has about 9,000 monitoring cameras deployed in the United States, the United Kingdom, Republic of Ireland and Australia.

In 2024, the company was listed as one of the fastest-growing U.S. health services companies on the Inc. 5000 list for the third consecutive year.

At that point, AngelEye's 3-year growth rate was 228% and its 2024 numeric ranking had moved up 1,126 rungs to number 2,286, up from its 2022 ranking of 3,412.

Since its data was submitted for the 2024 ranking, AngelEye has added another 50 prominent hospitals and health systems to its client base, which Rand says now number 300.

Christopher Rand MBA

Rand, 47, said AngelEye has only lost three customers in its history, thanks to its highly regarded and "sticky" solution and the trend for customers to reduce multiplicity in vendor ranks.

AngelEye continues ramping sales and reinvesting earnings.

The AngelEye team has 75 FTE, a third of whom have direct clinical experience, with Nashville and Little Rock each a hub for about a third of total FTEs.

Rand said future growth will "definitely" continue to come by both organic and inorganic means, and staff hiring continues for project management and related functions.

In 2024, AngelEye acquired Indiana-based Enlighten Mobility's Early Detection Neuromotor Assessment's (EDNA) portfolio (release here); and, Vancouver-based NICU2Home (release). In 2020, it acquired California-based Avento Technologies' MilkTracker solution.

Rand said the company is likely to continue acquiring or partnering with other solution owners and continues to track the market, although it is "highly unlikely" to run an M&A process this calendar year.

The CEO also confirmed AngelEye is seriously considering and discussing with others its interest in expanding its international activity.

In contemplating global expansion, major considerations include the imperative of translating complex content for patients' families, plus cultural, market and regulatory factors, said Rand.

Asked specifically about current or prospective U.S. and international tariff risks that face technology-driven firms, Rand said the AngelEye continues to scrutinze such issues and believes its exposure is manageable.

AngelEye backers include affiliates of Nashville-based Mountain Group Partners, which led AngelEye's B and C investment rounds. Collectively, 12-year-old AngelEye's outside investors hold majority interest, said Rand.

In addition to Mountain Group, investors have thus far included Suwanee, Ga.-based healthtech VC SeedToB Capital; Angel Jim Aylward, and Emily Rash of the Rash Family Office, which was formed by Nashville's Marty Rash, who is also chairman and CEO of San Diego-based Unifeye Vision Partners.

Early investor Tri-Star Health Partners, of which Rand is co-founder, also retains an interest. Tri-Star is affiliated with Healthcare Investment Group.

AngelEye's management team members' profiles reflect impressive experience and credentials.

In addition to Rand, AngelEye's team page also includes Chief Commercial Officer David Landman, SVP Care Delivery Sarah Brannan, VP Sales & Marketing Holly Barnhart, VP Strategic Group Bryan Raybourne, VP Technology Jay Maples, VP Clinical Strategy JayLee Hilliard, and Carolyn TenEyck, who is senior director of patient and family advocacy.

AngelEye's CTO remains Justin French, who in 2013 joined precursor Angel Eye Camera Systems LLC, which was commercializing the AngelEye program developed within the University of Arkansas for Medical Sciences.

AngelEye's core professional advisors remain attorneys with the Nelson Mullins and Trust Tree Legal teams, and its banking remains with PinnacleBank (Nashville) and First Security Bank (Little Rock).

The company's highest-profile competitors have included, e.g., California-based Natus Medical Inc. and Vocera-owned EASE, a mobile app described as having NICU and broader applications. In 2022, each of those businesses was acquired by, respectively, France-based investor ARCHIMED and Kalamazoo-based Stryker.

Apart from such takeouts, CEO Rand said he's seen little indication of mounting rollup or consolidation of early-stage companies that share AngelEye's space.

Note: In its 2024 AngeEye press release regarding the EDNA transaction mentioned above, the company made clear its acquisition "serves as a springboard for AngelEye's continued innovation in neonatal care to reach beyond engagement at the bedside to support clinical care..."

The company added, "has not yet received clearance from the U.S. Food and Drug Administration (FDA). The product is currently undergoing the necessary regulatory review process, and its safety and efficacy have not yet been established. Any statements regarding the product's potential benefits are based on preliminary data and are subject to change upon further evaluation and FDA approval."

Please see our 2022 article here for more background. Find other VNC coverage of AngelEye here. Earlier coverage on Christopher Rand. VNC

. last edited 1341 17 April 2025