Monthly Archives: October 2020

News: SiFive’s new PC is bringing open-source computing closer to reality

One of the most interesting projects to watch these days in tech is RISC-V. The non-profit organization and wider community is building an open-source and standardized instruction set architecture (ISA) that allows chip creators to design their own chips unencumbered by licensing and patents typical of other ecosystems, such as those of Arm. Building an

One of the most interesting projects to watch these days in tech is RISC-V. The non-profit organization and wider community is building an open-source and standardized instruction set architecture (ISA) that allows chip creators to design their own chips unencumbered by licensing and patents typical of other ecosystems, such as those of Arm.

Building an ISA and the associated tooling is hard work — and expensive, which is one reason why the industry has been practically impervious to the open-source movement that is now a mainstay in software circles. The RISC-V community has spent years developing, cohering, and getting traction for its vision of the future of computing. Along the way, it’s acquired major support, with members as diverse as Google, Oculus, Huawei, IBM, Nvidia (which is in the process of buying Arm), Qualcomm and more joining the organization.

Now, the ecosystem is starting to mature and getting ready for wider adoption outside of hardware laboratories and test data rooms.

SiFive is one of the most high-profile companies spearheading the commercialization of RISC-V technology. It was founded by a number of the inventors and leading researchers of the technology (which was centered around Berkeley), and has also managed to attract big names like Chris Lattner, who led the development of the Swift programming language that today is the main choice for developers in the Apple ecosystem. The company has raised $190 million to date, including most recently a $61 million Series E round. Among its most notable investors is Sutter Hill, which made a massive return earlier this year on Snowflake Computing.

Today at the Linley Conference, a major stop on the … circuit for processor announcements, SiFive launched its PC-focused RISC-V board, dubbed “Unmatched.” The goal of the product is to make it easier for developers to buy PCs or host server farms and enable them to test their code on RISC-V’s architecture. That should make the onramp into the RISC-V universe more inviting for a broader range of engineers.

It’s all part of a revamped go-to-market strategy that SiFive’s new CEO Patrick Little is plowing ahead on. Little joined the company last month from Qualcomm, where he led the company’s expansion into automotive tech, and he has a multi-decade background in the industry. His mandate is to take the technological work that SiFive has developed and get it into the hands of the widest number of users.

“We’re just trying to drive adoption and open up the platform, so that software can be developed at scale,” Little said. He noted that developers have consistently asked for a more mainstream PC board in a standard form factor. “They wanted to plug and play on a PC platform that was familiar to them,” he said.

The HiFive Unmatched PC board hosts the SiFive FU740 SoC, and has a five-core processor that is based on SiFive’s 7-series core, which the company says is the fastest commercially-available core available through RISC-V today. The board is based on the mini-ITX form factor.

In addition to the PC board, the company announced last week at the Linley conference the launch of its SiFive Intelligence VIU7 Series, which is a vector processor designed for AI and graphics workflows and is centered around the RISC-V Vector Extension (RVV) standard ISA.

These announcements are laying the groundwork for more new products targeting the major buckets of computing needs in the industry.

One major new propulsive force for the company is indeed Nvidia’s announcement that it intends to acquire Arm. That news reverberated quickly around the industry as chip builders grapple with a future where the tie-up controls a wide swatch of the AI, graphics and mobile processing markets. More and more companies are looking for alternatives, and RISC-V is one of the few available on the market today.

An open-source ISA means “a company can design around that platform for years or even decades to come without the fear that it would go away,” Little said. “It’s moved from an operational objective to a strategic imperative.”

Little is ambitious for SiFive, saying that “leading is choosing for us, because the opportunity is fantastic right now, and so really it’s just trying to map these assets into the right opportunities.” With the market currents going its way and open-source hardware looking less like a pipe dream, SiFive is well-positioned to take advantage of what might well be one the bigger shifts in processing we have seen in years.

News: Spotify CEO says company will ‘further expand price increases’

Spotify is planning further price increases, according to comments made by co-founder and CEO Daniel Ek during the company’s third quarter earnings on Thursday. The streaming service had added 6 million subscribers in Q3 to achieve a total 144 million paying customers across 320 million active users, but fell short on both sales and earnings,

Spotify is planning further price increases, according to comments made by co-founder and CEO Daniel Ek during the company’s third quarter earnings on Thursday. The streaming service had added 6 million subscribers in Q3 to achieve a total 144 million paying customers across 320 million active users, but fell short on both sales and earnings, driving the stock lower.

By raising prices for its service, Spotify could pull in higher revenues in markets where the company believes users will continue to see the value in paying for their streaming subscription.

The company didn’t specifically detail its plans for price increases in terms of dollars and cents or geographies. However, Ek explained how the company was thinking about possible price hikes in broader terms.

He said although Spotify’s primary focus continues to be user growth, there are markets where the service is more mature and has increased the value it provides subscribers, including with its “enhanced content.”

What he means by “enhanced content” are Spotify’s investments in growing its content library, specifically podcasts. Today, the service has 1.9 million podcasts. This quarter, it released 58 original and exclusive podcast shows, bringing this offering to a total of 16 markets.

Among the highlights, “The Michelle Obama Podcast” sent the new show to No. 1 on the platform for its July launch through August. Spotify’s partnership with DC Comics is kicking off with the “Batman Unburied” podcast. It’s also working with Riot Games‘ “League of Legends on an esports partnership and with Chernin Entertainment to turn its podcasts into film and TV.

However, Spotify’s “The Joe Rogan Experience” deal has been more controversial. It could potentially cause moderation headaches for the company now that it’s been brought in-house, and could lead to some portion of users to unsubscribe as a political stance.

This month, Spotify also rolled out new tools for Anchor users that let them include licensed music in their podcasts to help create a new type of music-and-spoken word programming.

Combined, Spotify sees these efforts as reasons why its service could be priced higher in some markets.

In its mature markets, Spotify says it’s seen engagement and value per hour grow over the years.

“I believe an increase in value per hour is the most reliable signal we have in determining when we are able to use price as a lever to grow our business,” noted Ek.

He also said that early tests of price increases have performed well.

“While it’s still early, initial results indicate that in markets where we’ve tested increased prices, our users believe that Spotify remains an exceptional value and they have shown a willingness to pay more for our service,” said Ek, in his remarks. “So as a result, you will see us further expand price increases, especially in places where we’re well-positioned against the competition and our value per hour is high,” he added.

Spotify has been openly hinting about price increases all year.

In the first quarter, Ek had slightly opened the door to the idea, saying it was “encouraging” to see the company had the opportunity to raise prices when the economy improved. In Q2, Ek again suggested higher prices were coming, and added that Spotify’s exclusive podcast content enables “pricing power,” along with its overall improving service and the existence of higher ARPU (average revenue per user.)

Today, Ek’s statement suggests higher prices aren’t just being weighed or discussed — they’re coming.

To date, Spotify has tested price hikes at its upper tiers of its service in several markets.

Last year, for example, Spotify tested price increases for its Family Plan in some Scandinavian markets, upping the cost by around 13%. The goal of those tests was to figure out if it would make sense for the streamer to roll out higher pricing on a worldwide basis.

Just this month, reports indicated Spotify had increased the price of its Family Plan in Australia from AUS $17.99 to AUS $18.99 — or, approximately US $13.69. This change was effective October 1 for new subscribers.

Today, Spotify notes it also raised the price of the Family Plan in a half dozen other markets this month, including Belgium, Switzerland, Bolivia, Peru, Ecuador, and Colombia, alongside its Duo Plan (2-person plan) in Colombia.

There was one caveat to Spotify’s plans for higher pricing, however: the pandemic. Ek said the company would “continue to tread carefully in these COVID times to ensure we don’t get ahead of the market.”

In other words, it doesn’t make sense to raise prices in a recession, where people have lost jobs and are cutting unnecessary expenses — like their streaming subscriptions.

News: Spotify hits 320 million monthly active users

In its latest quarterly financial report, Spotify announced that it had crossed 320 million active monthly users. That marks a 29% growth for the quarter, coming on the heels of what seems to be a rather successful launch into the Russian market. Of that number, it now counts 144 million paid users — a 27%

In its latest quarterly financial report, Spotify announced that it had crossed 320 million active monthly users. That marks a 29% growth for the quarter, coming on the heels of what seems to be a rather successful launch into the Russian market. Of that number, it now counts 144 million paid users — a 27% jump.

Spotify continues to be the largest music streaming service globally by a rather wide margin. Apple comes in at number two, with around 60 million paid subscribers, as of last year. Amazon Music, meanwhile, is not too far behind at 55 million — though the company doesn’t break out paid subscriber figures (Apple’s is premium only, following a three-month free trial).

In spite of solid growth, Spotify reported a quarterly loss of around $118 million — a big shift since making a quarterly profit in Q3. Among the key drivers the company cited are its on-going decision to offer discounted plans in order to attract new users to the service.

“We can grow that by either adding more users or raising the price of existing users,” the company said on this morning’s call. “We still think there are billions more to go after in this ecosystem, and we’re going to invest in better tools. That will increase the engagement, and if that increases the engagement, it increases our ability to monetize them as well.”

The company has, of course, been spending money like crazy in a bid to become a leader in podcasting content. The past two years have found it spending hundreds of millions of dollars to purchase technology and content companies, including Gimlet, Anchor, Parcast and sports media giant, the Ringer. It noted in this morning’s call that recent purchase the Joe Rogan Experience has quickly become its most popular podcast in all of its English speaking markets.

Spotify says the show has “outperform[ed] our audience expectations. We look forward to the start of our exclusivity period for this podcast by the end of this year.” Rogan’s show created a storm of controversy almost immediately. Just this week, an appearance by de-platformed conspiracy theorist Alex Jones reignited a number of these issues. The company did not respond to our request for comment yesterday.

Nor did it respond to a recent call to increase pay and transparency for musicians — an increasingly important issue as the COVID-19 pandemic has made it all but impossible to make a living on live shows.

News: Intel acquires SigOpt, a specialist in modeling optimization, to boost its AI business

Intel has been doubling down on building chips and related architecture for the next generation of computing, and today it announced an acquisition that will bolster its expertise and work specifically in one area of future technology: artificial intelligence. The semiconductor giant today announced that it has acquired SigOpt, a startup out of San Francisco

Intel has been doubling down on building chips and related architecture for the next generation of computing, and today it announced an acquisition that will bolster its expertise and work specifically in one area of future technology: artificial intelligence.

The semiconductor giant today announced that it has acquired SigOpt, a startup out of San Francisco that has built an optimization platform that can be used to run modeling and simulations (two key applications of AI tech) in a better way. Anthony described SigOpt as a startup built to “optimize everything” when we covered its Series A last year, but Intel specifically will be integrating the tech into its AI business, specifically into its AI Analytics Toolkit, a spokesperson tells me.

Terms of the deal were not disclosed but SigOp already counted a number of large enterprises — “SigOpt’s customer base includes Fortune 500 companies across industries, as well as leading research institutions, universities and consortiums using its products” — among its customers. The product was still in a closed beta, however. Notably, it had raised money from an interesting group of investors that included In-Q-Tel (the firm associated with the CIA that makes strategic investments) and Andreessen Horowitz, and Y Combinator, among others. It had raised less than $10 million.

The plan will be to continue providing services to existing users, and to continue building out the company’s platform — co-founders Scott Clark (CEO) and Patrick Hayes (CTO) and their team are joining Intel.

“We will continue to work with SigOpt’s existing customers and will also integrate the technology into our product roadmap,” a spokesperson confirmed.

While Intel is working hard on streamlining its business around next-generation chips to better compete against the likes of NVIDIA (which itself is growing substantially with the acquisition of ARM) and smaller players like GraphCore, in part by divesting more legacy operations, it seems a strong opportunity in providing services for its customers alongside those chips, and these services specifically will help customers with the compute loads that they will be running on those chips.

The focus for Intel has been on the next generation of computing to offset declines in its legacy operations. In the last quarter, even as it beat expectations, Intel reported a 3% decline in its revenues, led by a drop in its data center business. It said that it’s projecting the AI silicon market to be bigger than $25 billion by 2024, with AI silicon in the data center to be greater than $10 billion in that period.

In 2019, Intel reported some $3.8 billion in AI-driven revenue but it hopes that tools like SigOpt’s will help drive more activity in that business, dovetailing with the push for more AI applications in a wider range of businesses.

“In the new intelligence era, AI is driving the compute needs of the future. It is even more important for software to automatically extract the best compute performance while scaling AI models,” said Raja Koduri, Intel’s chief architect and senior vice president of its discrete graphics division. “SigOpt’s AI software platform and data science talent will augment Intel software, architecture, product offerings and teams, and provide us with valuable customer insights. We welcome the SigOpt team and its customers to the Intel family.”

While there could potentially be a number of applications for SigOpt’s tech, this is a signal of how bigger players will continue to consolidate specific services around their bigger business, giving the small startup a much bigger horizon in terms of potential business (even if it is all tied to customers that only use Intel hardware).

“We are excited to join Intel and supercharge our mission to accelerate and amplify the impact of modelers everywhere. By combining our AI optimization software with Intel’s decades-long leadership in AI computing and machine learning performance, we will be able to unlock entirely new AI capabilities for modelers,” said Clark in a statement.

News: Nutrium app, which links dietitians and patients, raises $4.9M led by Indico Capital

Nutrium, a digital health startup which links dietitians and their patients via an app, has raised a €4.25 million Seed round led by Indico Capital Partners, alongside the the Social Innovation Fund in Portugal (SIF) and previous investors. It now offers professional nutrition software to 80,000 nutrition professionals and 800,000 patients in more than 40

Nutrium, a digital health startup which links dietitians and their patients via an app, has raised a €4.25 million Seed round led by Indico Capital Partners, alongside the the Social Innovation Fund in Portugal (SIF) and previous investors. It now offers professional nutrition software to 80,000 nutrition professionals and 800,000 patients in more than 40 countries.

With this investment round, Nutrium plans to double the team size in the next 24 months in order to focus on platform development and expand global sales in markets like Spain, France, Italy, USA and the UK where the company already has a strong customer base.

With the Nutrium platform, patients get integrated nutrition counseling which combines professional advice, continuous monitoring and access to commercial products.

André Santos, CEO and Co-founder of Nutrium commented: “We are moving closer to our vision of enabling the improvement of eating habits for millions of people globally.”

Stephan Morais, managing general partner at Indico said: “Nutrium will become a full-fledged platform bringing together nutritionists, patients, products and wellness data that will enable healthier and happier lives. We are pleased to back this jointly developed vision with capital and knowledge.“

Rui Ferreira, Vice President at Portugal Ventures said: “In 2017, when Portugal Ventures invested in Nutrium’s pre-seed round, the company was mainly present in two markets. Today, Nutrium operates in more than 40 markets, having increased its turnover exponentially.”

Nutrium’s competitors include NutriAdmin, AppointmentPlus, Evolution Nutrition which has raised $2.3M.

News: VCs poured capital into European startups in Q3, but early-stage dealmaking appeared to suffer

The global recovery in venture capital activity did not miss Europe, new data indicates. According to a PitchBook report, European venture capital activity rose in Q3 2020, putting the continent on pace to set a new yearly record for aggregate VC activity (as measured in Euros). The Exchange explores startups, markets and money. Read it

The global recovery in venture capital activity did not miss Europe, new data indicates.

According to a PitchBook report, European venture capital activity rose in Q3 2020, putting the continent on pace to set a new yearly record for aggregate VC activity (as measured in Euros).


The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get The Exchange newsletter every Saturday.


The strong results come in the wake of a cracking quarter for venture capital activity in the United States and a generally bullish period for the global VC market. Venture debt is also seeing something of a rebound from lulls seen earlier in the year.

Inside Europe’s Q3 however, was some less-than-good news: the amount of money that went to first-financings was weak, and much of the strong results from the continent were predicated on capital flowing into already-funded startups. There’s less pie for new companies than the top-line numbers might suggest.

Let’s get into the good and bad from Europe’s quarter, contrasting our new data with some prior numbers that we saw when looking into aggregate VC data from Q3.

We’re wrapping up our look at the post-summer venture rebound today, but there’s just a bit more we need to learn before we move on. Let’s get into it.

Europe’s third quarter

Starting with the good news: PitchBook reports that total European venture capital activity came to €10.6 billion in the third quarter of 2020. Per the financial and business data group, it was the third time in history that European venture capital activity crossed the €10 billion mark. (For the sake of comparison, United States-based startups raised around $37 billion, or about €31.5 billion, during the same period.)

News: Supersonic aircraft startup Hermeus raises $16 million Series A

Hermeus, a company seeking to build a Mach 5 aircraft that would be capable of making the trip from New York to London in just 90 minutes has raised a $16 million Series A round, led by Canaan Partners and including contributions from existing investors Khosla Ventures, Bling Capital, and the Rise of the Rest

Hermeus, a company seeking to build a Mach 5 aircraft that would be capable of making the trip from New York to London in just 90 minutes has raised a $16 million Series A round, led by Canaan Partners and including contributions from existing investors Khosla Ventures, Bling Capital, and the Rise of the Rest Seed Fund. The new funding will help the startup develop and ground test its first full-scale engine, the core component that will eventually power its debut Mach 5 aircraft.

Earlier this year, Hermeus was able to successfully demonstrate a sub-scale engine prototype, showing that the core design of its technology performed as intended. The company now plans to turn that into a version of the engine that matches its eventual production scale and power, while simultaneously expanding the footprint of its Atlanta-based test facility to also include some light in-house manufacturing capability. It’s also going to be working to continue the design of its debut aircraft, and says it will be sharing more info about that first plane over the course of the next few months.

Hermeus says that its target of Mach 5 flight is actually attainable using relatively mature technology already on market, and it cites a team with ample experience across a range of top-flight aerospace companies including SpaceX, Blue Origin, NASA, Boeing and more as another competitive advantage.

Mach 5 is nonetheless ambitious, however; the Concorde flew at speeds of just over Mach 2, and startup Boom Aerospace is targeting Mach 2.2 for its Overture commercial supersonic aircraft. NASA’s X-59 experimental supersonic jet, built by Lockheed Martin, will cruise at a speed of around Mach 1.42. Mach 5 obviously would be quite a bit faster than even the most ambitious of those projects, but Hermeus CEO AJ Piplica has said previously the company expects it to take around a decade of development before they produce a commercial passenger aircraft.

News: More chip industry action as Marvell is acquiring Inphi for $10B

It’s been quite a time for chip industry consolidation, and today Marvell joined the acquisition parade when it announced it is acquiring Inphi in a combination of stock and cash valued at approximately $10 billion, according to the company. Marvell CEO Matt Murphy believes that by adding Inphi, a chip maker that helps connect internal

It’s been quite a time for chip industry consolidation, and today Marvell joined the acquisition parade when it announced it is acquiring Inphi in a combination of stock and cash valued at approximately $10 billion, according to the company.

Marvell CEO Matt Murphy believes that by adding Inphi, a chip maker that helps connect internal servers in cloud data centers, and then between data centers, using fibre cabling, it will complement Marvell’s copper-based chip portfolio and give it an edge in developing more future-looking use cases where Inphi shines.

“Our acquisition of Inphi will fuel Marvell’s leadership in the cloud and extend our 5G position over the next decade,” Murphy said in a statement.

In the classic buy versus build calculus, this acquisition uses the company’s cash to push it in new directions without having to build all this new technology. “This highly complementary transaction expands Marvell’s addressable market, strengthens customer base and accelerates Marvell’s leadership in hyperscale cloud data centers and 5G wireless infrastructure,” the company said in a statement.

It’s been a busy time for the chip industry as multiple players are combining hoping for a similar kind of lift that Marvell sees with this deal. In fact, today’s announcement comes in the same week AMD announced it was acquiring Xilinx for $35 billion and follows Nvidia acquiring ARM for $40 billion last month. The three deals combined come to a whopping $85 billion.

There appears to be prevailing wisdom in the industry that by combining forces and using the power of the checkbook, these companies can do more together than they can by themselves.

Certainly Marvell and Inphi are suggesting that. As they highlighted, their combined enterprise value will be more than $40 billion with hundreds of millions of dollars in market potential. All of this of course depends on how well these combined entities work together and we won’t know that for some time.

For what it’s worth, the stock market appears unimpressed with the deal with Marvell’s stock down over 7% in early trading, but Inphi stock is being bolstered in a big way by the announcement, up almost 23% this morning so far.

The deal, which has been approved by both companies’ boards, is expected to close by the second half of 2021 subject to shareholder and regulatory approval.

News: Walmart’s new test stores will experiment with AR, mobile, revamped checkout and more

Walmart over the years has been working to turn its physical retail stores into online fulfillment centers, and now, with its latest set of test stores announced today, the retailer will try out ideas to make that transition more seamless. Walmart says it will deploy personnel to four test stores across the U.S., where they’ll

Walmart over the years has been working to turn its physical retail stores into online fulfillment centers, and now, with its latest set of test stores announced today, the retailer will try out ideas to make that transition more seamless. Walmart says it will deploy personnel to four test stores across the U.S., where they’ll prototype and iterate on new technology and tools that will serve the needs of Walmart’s in-store shoppers and online shoppers alike, including changes involving augmented reality, handheld mobile devices, new apps, in-store signage, omni-assortment, and revamped checkout stations.

The idea is to turn these four test locations into rapid prototyping environments, where teams can test solutions in real-time, make changes, scale what works and scrap what doesn’t. Some of the changes being put into place will be visible to the customer, while others will be more behind-the-scenes.

At launch, Walmart has identified four areas where it’s looking to test new ideas across assortment, inventory, picking and checkout process.

In one store, it will test moving the majority of the in-store apparel assortment online — meaning the same exact items can be found both in the store and online. This isn’t always the case today, as not everything stocked in the stores are also on the Walmart website, and vice versa. This test will focus on determining what has to take place to make all the eligible items in a store “omni-available,” Walmart says, a reference to its desire to be a true “omni-channel” retailer.

Image Credits: Walmart

A second test will involve a new app that aims to speed up the time it takes to get items from the back room to the sales floor, using augmented reality (AR). In this test, instead of scanning the barcode on boxes that are ready to go, the app will use AR technology to highlight those boxes. The hope is that this will help to move the product to shelves, and in front of customers, faster than before.

Image Credits:

Another experiment uses a combination of handheld devices and in-store signage to help associates better navigate to the right locations when picking items for online orders. In early tests, Walmart says the percentage of time it takes associates to find the items has already gone up by 20% in some of the categories that tend to be more difficult to find.

The fourth test will expand and build on an experimental checkout experience Walmart previously announced in June. In this store, Walmart does away with individual checkout lanes, and transitions cashiers into the role of “hosts” in a new area of the store that resembles a self-checkout destination. Here, customers can opt to check out themselves or have a “host” offer full-service checkout. In either case, store staff are around to help with any issues that arise.

Image Credits: Walmart

The expectation is that checkout lanes will move more quickly than the old style of individual checkout lanes. With the latter layout, a surge of new customers coming to the registers could cause bottlenecks if there weren’t enough lanes staffed. In the long run, the new layout could free up cashiers to help with other tasks in store as a checkout station may not need as many “hosts” on hand to run things.

The four stores may test other technology and digital solutions in the future, as well, but Walmart didn’t expand on its roadmap plans. Two of the stores in Northwest Arkansas, including a Bentonville location, are up and running. Two more are planned to be up and running soon.

Each store will have four new employees staffed to aid with the prototypes — a product manager, a technologist, a business owner, and a designer.

“We’re moving quickly to use our physical retail stores to not only serve in-store shoppers, but to flex to meet the needs of online shoppers, too, in ways that only Walmart can,” said John Crecelius, Walmart U.S. SVP of Associate Product and Next Generation Stores, in a statement. “That’s where our new test stores come in. Their purpose is to find solutions that continue to help our stores operate as both physical shopping destinations and online fulfillment centers in a way that has yet to be seen across the retail industry,” he added. 

News: CoreCare raises $3 million for managing billing and payments from public health benefit providers

CoreCare, a provider of revenue management services for healthcare companies dealing with public health benefit providers, has raised $3 million in a seed financing round. The company, which uses machine learning, automates large swaths of billing and revenue cycle management to reduce the burden on hospitals, according to chief executive, Dennis Antonelos. Already, companies like

CoreCare, a provider of revenue management services for healthcare companies dealing with public health benefit providers, has raised $3 million in a seed financing round.

The company, which uses machine learning, automates large swaths of billing and revenue cycle management to reduce the burden on hospitals, according to chief executive, Dennis Antonelos.

Already, companies like Creative Solutions in Healthcare, a nursing facility operator in Texas, which operates nearly 80 locations has signed up for the service.

Antonelos started the company in January, had the first product up by March and was accepted to Y Combinator in April. It now boasts over a dozen customers in Texas.

With the new $3 million in hand from investors including Primetime Partners, Goat Capital, Funders Club and Liquid2Ventures, Antonelos said the company would look to expand its sales and marketing and product capabilities.

CoreCare automates processing of billing and paperwork and clinical notes by linking electronic health records and medicare and medicaid information services and payers.

“We’re going through the organization and eliminating administrative waste so the organization can invest newly found resources into patient care,” Antonelos said.

The company uses a standard software as a service payment model and charges somewhere between $300 to $500 per-facility, per-month, according to Antonelos.

“These initial results are outstanding,” said Gary Blake, president, and co-founder of Creative Solutions in Healthcare, and one of CoreCare’s early customers. “In only a matter of months working with CoreCare’s CoreAccess software, we’ve seen a notable impact on our financial position. It has truly exceeded our expectations. CoreCare has changed the way we work with Managed Care, from top to bottom. We have been able to streamline our entire billing process, reduce admin costs, shorten the number of accounts receivable (AR) days and free up cash for growth. Every healthcare provider that works with managed care should work with CoreCare.”

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