Veterinary Tech Startup Petabyte Raises $15 Million in Series B Funding to Scale Business Growth

By Adriaan Brits | Tuesday, 07 September 2021 | News

Veterinary software startup company Petabyte Technology announced it secured $15 million in a Series B business funding round from National Veterinary Associates, UNAVETS, Norwest Ventures Partners, Halle Capital Management, and Relevance Ventures.

Helping Hospitals Streamline Workflows and Lower Administrative Loads

The veterinary startup company plans to use the raised business funding to further scale its growth. Moreover, fresh business funding will be used to strike new partnerships in the industry and take advantage of the veterinary sector through its high-end software products. 

“Petabyte’s mission has always been to simplify veterinary operations so doctors and their staff can spend more time caring for pets and their families. Over the last few years, we’ve really seen that mission become a reality through our suite of software solutions,” said Michael Hyman, co-founder and CEO of Petabyte. 

“This funding will allow us to collaborate with some of the most progressive industry partners to dramatically transform the hospital experience via technology for the entire veterinary community,” Hyman added.

Founded in 2019, the veterinary startup company is aiming to transform patient management in veterinary hospitals, utilizing its suite of sophisticated softwares. Petabyte’s software solutions include Rhapsody, cloud-based Practice Information Management System (PIMS), and mobile companion app. These solutions provide features like virtual check-in, on-the-go communications, a built-in payment system, as well as comprehensive wellness plans.

Rhapsody is based on clean data, which is standardized by the company’s proprietary migration technology. Clean data is also the backbone of Petabyte Analytics, the company’s analytics platform that can be used both as a standalone product or in combination with Rhapsody.

Thanks to these innovative features, Petabyte’s solutions help streamline workflows and lower administrative loads, allowing hospitals to spend more time providing treatment to pets.

Some of Petabyte’s business investors include the National Veterinary Associates (NVA), a major veterinary community that encompasses 1,200 independent veterinary hospitals. Similarly, Norwest is a leading venture capital (VC) investment business with over $9.5 billion in assets under management. The VC provided funding to more than 600 companies and has partnerships with more than 160 others.

UNAVETS is a Spanish company on a mission to bring together Spanish veterinary clinics that share interests such as exceptional medicine, excellence in service, and the development of people. Halle Capital Management is a growth equity investment business that supports middle-market companies across Healthcare, Consumer, and Business Services sectors.

Similarly, Relevance Ventures is a VC company with more than $115 million in assets under management. The company is focused on backing startup companies operating within the health and wellness and fintech/enterprise software industries.

A week ago, Petabyte and NVA announced a partnership to support veterinarians and pet parents through the use of sophisticated software solutions. The two companies said they are on a mission to develop the next generation of Petabyte's software to modernize animal hospital management and revolutionize the pet parent experience.

Summary

Veterinary software startup company Petabyte announced today it raised $15 million in a Series B business funding round to support growth and strike new business partnerships. The startup company is offering software solutions to pet hospitals to consolidate their workloads, which will save them time and allow for better pet care.

About the Author

Adriaan Brits

An analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in advanced analytics and media.