Foundation Radiology, Inc.

Foundation Radiology, Inc.

Foundation Radiology, Inc.

Date Founded



401 Liberty Avenue,Suite 2000,Pittsburgh, PA 15222

Type of Company



Medical Support Services
Holding Companies
Hospitals & Patient Services

Company Description

Foundation Radiology Inc. provides diagnostic imaging professional services. It offers imaging solutions, including coverage for various radiology subspecialties. The company was founded Derek Armfield and Brandon Chan in 2006 and is headquartered in Pittsburgh, PA.

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Executives & Employees

Chief Executive Officer

Chief Medical Officer


Senior Vice President

Administrative Assistant




Board of Directors

Founder at Chrysalis Ventures LLC

Former President & Chief Executive Officer at The Cooper Health System, Inc.

President at Aesynt, Inc.

Chief Executive Officer at Foundation Radiology, Inc.

Former Venture Partner at Chrysalis Ventures LLC

Chief Executive Officer & Director at CRH Medical Corp.

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Foundation Radiology, Inc.
Recent Transactions
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Foundation Radiology, Inc. raised money in a private placement transaction

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Foundation Radiology, Inc. raised money in a private placement transaction

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Foundation Radiology, Inc. raised money in a private placement transaction

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Chrysalis Ventures focuses on early-stage growth investments in the healthcare and technology sectors. The firm targets companies in industries that are undergoing significant transformation. They look for companies with a scalable business models, enabling technologies and recurring revenues. Chrysalis Ventures invests in transformative businesses rather that intellectual property or science experiments. The firm focuses on regional companies with the potential to have a national impact. They prefer to invest in companies operating in overlooked, less crowded niches. Chrysalis Ventures targets companies generating revenues of $1 million to $5 million.The firm invests in companies across the healthcare sector that offer innovative solutions to enhance productivity or to empower consumers to better manage their own health. They focus on enabling technologies and new approaches to delivering services that can benefit all participants in the healthcare system through improved outcomes and cost control.Within the technology sector, Chrysalis Ventures looks for companies with the potential to make information and networks more productive and efficient. They target companies that are developing new disruptive media franchises, enabling technologies and information services. The firm has particular interest in the following areas: (1) information and digital media (2) communications and mobility and (3) education technology.Chrysalis Ventures focuses on investments in companies in the Midwestern and Southern regions of the US. The firm invests in early-stage and expansion-stage companies and may occasionally invest in other select opportunities such as roll-ups. Chrysalis Ventures rarely invests at the seed stage. The firm typically invests at least $2 million in the first institutional private equity financing round. Investments are usually structured in the form preferred securities. They will invest in later rounds of promising companies, up to a total of $15 million per company.

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Health Evolution Management focuses on long-term investments in healthcare companies that provide services, technologies and information solutions that improve the delivery, organization and financing of healthcare.The Health Evolution Partners Growth and Buyout Fund is a $500 million fund that invests in late stage healthcare companies. The fund focuses on investments in successful companies that have the potential to become market leaders and to improve value to end users. The fund makes growth and late stage investments in companies that are EBITDA positive or that have a demonstrated pathway to EBITDA growth. Investments may take the form of expansion capital, recapitalizations, buyouts, spin-offs and other forms of late stage financing. Health Evolution Management focuses on companies with sustainable competitive advantages, strong management teams and proprietary healthcare technology and processes. Initial equity investments range from $20 million to $80 million.Health Evolution Management developed the Health Evolution Partners Innovation Network (HEPIN), a $200 million fund supported by a partnership between the firm and a small number of early-stage venture capital funds. Partner funds work with Health Evolution Management to move innovations from idea to proof-of-concept and to develop leading management teams of the future. Health Evolution Management invests directly in portfolio companies and also invests into partnered venture funds.The firm's direct investments in portfolio companies take the form of lead investments and co-investments with HEPIN fund partners. Health Evolution Management may also invest in syndication with other funds. The firm seeks to invest in healthcare services, technology, diagnostics and medical devices that have the potential to establish a leadership position in a niche market, become the foundation for a solution platform or offer an innovation or disruption that can be integrated into an existing solution platform. They prefer to invest in opportunities in which significant engineering, science and regulatory risk does not exist. The firm also prefers to invest in companies operating in large markets with favorable growth trends and supportive regulatory and reimbursement environments. Health Evolution Management plays an active role in their investments taking board seats with all lead investments and at least board observation rights with co-investments. Initial equity investments range from $5 million to $10 million with capital reserved to maintain the firm's pro rata ownership.

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Former Chief Innovation Officer & Co-Founder at Foundation Radiology, Inc.

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