Petabyte Technology announced today that it has secured Series A funding of $8 million led by Acrew Capital and followed by Greycroft Partners, Correlation Ventures and Ridge Ventures. The seed round was led by Greycroft and included Ridge Ventures and Loeb.nyc.
Petabyte’s flagship solution, rhapsody.vet, is a sophisticated cloud-based platform that enables veterinary practices to modernize and build a sustainable future. Rhapsody’s mobile tools, including unique standardized codes and a virtual medical exam, enable veterinary practices to streamline their entire operations. The platform’s simple design makes for an easy transition that allows practices to quickly increase efficiency and better meet client needs.
“Petabyte is helping veterinary practices across the country gain better control of their operations which is leading to better pet patient care and increased revenue,” said Michael Hyman, co-founder and CEO of Petabyte. “We’re building on our team’s extensive experience with large scale platforms and big data to bring innovations to the veterinary industry.”
Vishal Lugani, partner at Acrew Capital, and Ian Sigalow, co-founder and partner at Greycroft Partners, have joined Petabyte’s Board of Directors. Also joining the Board is Tim Mahlman, former president of Verizon Media’s ad platform business, who will also act as Petabyte’s President. Prior to Petabyte, Michael Hyman held executive positions at leading companies such as Amazon and Verizon, and acted as CEO of many successful startups.
With this funding, the company plans to accelerate product development and expand its customer service teams, which support veterinary practices with best-in-class technology and training. The company has offices in Bellevue, New York, Cleveland, Naples, and San Francisco.
“We’ve made a core investment in standardization and automated migration, which is unique to the industry,” said Alex Krooglik, co-founder and COO of Petabyte, formerly a co-founder of Embrace Pet Insurance. “With our technology, practices can finally get a handle on their data to optimize efficiency, increase cost capture, and understand what is happening in their practice, whether that is a small, single clinic or a large group. With fewer than 10 percent of veterinary practices utilizing the cloud today, Petabyte is well positioned to transform what is possible for veterinary practices and the pet owners they serve.”
About Petabyte Technology
Petabyte’s mission is to give veterinary healthcare practitioners greater understanding and control over their business using cloud-based technology.
Petabyte is a unique enterprise practice management solution that allows veterinary practices to run more efficient operations and deliver better patient veterinary care. Petabyte considers a practice’s needs by offering a product that emphasizes a simple design and intuitive usability. It also offers robust customer support through teams equipped to assist veterinary practices, both large and small. The company brings together unique talent with decades of experience in the veterinary industry and in building cutting-edge technology to deliver the best practice management solution on the market.