Indianapolis, IN – December 12, 2023 – Boomerang Ventures, a leading combination venture capital and studio firm, announced a strategic investment in Primary Record, an innovative early-stage company developing a medical health data application. The investment was completed in October 2023 and marks a significant milestone in the journey of Primary Record.
Primary Record, based in Indianapolis and founded in 2020, is dedicated to enhancing the family experience of navigating healthcare. The company has developed a secure and user-friendly mobile health app that consolidates personal health data from various sources, simplifying communication and sharing to improve the coordination of care while reducing costs. The app addresses a critical issue in the healthcare industry, where medical data often fails to efficiently follow the patient across multiple Electronic Health Records (EHRs) and helps digitize and organize paper records.
Key highlights of the investment include:
- Pre-seed Investment: Boomerang Ventures co-led the investment deal with Render Capital, providing Primary Record with essential early-stage funding.
- Capital Raise: Primary Record successfully raised $1 million in funding. Additionally, the startup has secured a Venture Capital Investment (VCI) tax credit of 30%, which will be passed along to investors.
Primary Record’s innovative solution is designed to meet the needs of families and caregivers, enabling them to easily collect, organize, and securely share medical information and records. With a focus on record collection and integration with patient portals, the app empowers families to navigate complex healthcare situations effectively.
“As a nurse for 13 years, I witnessed families struggling with scattered medical records and realized they are the most invested in helping my patients. Primary Record was born from the idea that families should have the tools to own and share their health information. This investment represents a turning point achievement for Primary Record and will provide crucial support as we pursue our vision. Boomerang Ventures shares our values, and its niche focus in connected health innovation aligns well with our technology. With its vibrant healthcare, technology, and entrepreneurial ecosystems, Indianapolis offers an ideal backdrop for our growth,” said Jean Ross, RN, Co-Founder, Primary Record.
The market potential for Primary Record is substantial. Research indicates that over 50% of the United States population suffer from one chronic condition, while 27%+ face multiple chronic conditions, and the prevalence of multiple chronic conditions among adults age 65+ with Medicare is 58%+. Additionally, more than 40% of school-aged children live with a chronic condition. This challenging population, combined with fragmented health information across the industry and regulatory tailwinds requiring patients to access their personal health information (PHI), further expands this market. As the 21st Century Cures Act reshapes how medical data is shared, Primary Record is well-positioned to play a pivotal role in modernizing healthcare data management. With Primary Record, patients and families have a unique opportunity to harness the power of their PHI like never before.
“With a history of personal medical complexities, both myself and as a parent, I understand the challenges of navigating disconnected healthcare systems. Joining Jean, I brought 25+ years of software and technology expertise to help alleviate the burden on family caregivers like me. When developing Primary Record, we chose to serve our customers directly—a purpose-driven approach that promotes democratizing healthcare information. We aim to empower individuals, ensure privacy, and allow active user input into our product roadmap. Boomerang Ventures’ support for innovative and disruptive strategies reinforces our commitment to this mission,” said Jim McIntosh, Co-Founder, Primary Record.
“Co-leading this investment deal in Primary Record alongside Render Capital presented a game-changing opportunity in personal health information management. Supporting healthcare innovation within our Indianapolis community has always motivated us, especially when it involves mission-driven and women-led companies,” said Oscar Moralez, Founder & Managing Partner, Boomerang Ventures. “We look forward to working closely with Primary Record as they continue to positively impact the healthcare sector, ultimately improving patient outcomes.”
Primary Record officially launches its mobile app on December 1, 2023, with plans to initially focus on end-users, families, and community partners in 2023 – 2024. The company’s future roadmap includes expanding its offerings to public and private healthcare agencies in Spring 2024.
About Boomerang Ventures
Founded in 2019, Boomerang Ventures is a venture capital firm focused on early growth-stage connected health technology companies. Leveraging a combination studio and venture fund established in 2020 and 2022, respectively, Boomerang provides the collaborative direction, deep industry expertise, and continuum of support founders need to take their innovations from ideation to market. Boomerang believes that better patient care begins with identifying and solving the biggest challenges in healthcare.
Boomerang Ventures is proudly and strategically based in Indianapolis, where the healthcare and entrepreneurial business climate is a thriving community ripe with opportunities. With a secure niche at the intersection of health technology, studio-fund synchronization, and the Midwest, Boomerang differentiates itself from the competition.
Boomerang Ventures is Healthcare Innovation, Reimagined. For more information, visit Boomerang.vc.
About Primary Record
Primary Record is a healthcare technology company on a mission to simplify medical information for families. Established in 2020 by Indianapolis-based co-founders Jean Ross, RN, and Jim McIntosh, Primary Record offers a user-friendly mobile health app designed to streamline the collection, organization, and sharing of personal health data. By facilitating better communication within care teams and putting healthcare information at the fingertips of families, Primary Record aims to improve the coordination of care and reduce costs. The company’s commitment to data security, privacy, and democratizing healthcare information sets it apart in an industry marked by fragmentation and complexity.
The Primary Record app is available to use on desktop and mobile phones by visiting https://www.primaryrecord.app starting December 1, 2023.
Simplifying Medical Information for Families. For more information, visit primaryrecord.com.