Net.Orange Inc. a developer of health care management software, said on Tuesday it had received a "significant" round of growth capital from the private equity firm of Los Angeles billionaire Patrick Soon Shiong.
Net.orange, based in Orange, did not disclose the amount of the funding it received from California Capital Equity but said it will use the money to develop its products. The company’s suite of software for physicians, hospitals, and clinical research groups are web-based management programs.
“Significant financial issues that have challenged providers for years, and quality of care opportunities have emerged from U.S. health care reform,” said Chief Executive Vasu Rangadass in a statement. “This infusion of growth equity capital allows us to elevate our offering to the next level, developing dynamic solutions that help health care organizations accumulate data from diverse sources, assess outcomes from treatments and (assess) associated expenses involved with the delivery of care.”
Soon Shiong, a medical doctor, made his fortune in building and selling off companies that develop cancer and generic drugs. The Business Journal ranked him No. 1 on this year’s Wealthiest Angelenos list with an estimated net worth of $7.1 billion. In addition to health care philanthropy, he has focused his investing in startups.
Among his investments are Vitality Inc., a Cambridge, Mass. developer of a smart-pill bottle capable of calling patients to remind them take their medicine, and Fourth Wall Studios, a Culver City developer of multiplayer online games.
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