Dr. Nicholas von Guionneau
New York-based Catalio Capital Management, a healthcare-focused firm with origins in Baltimore, has made a $20 million credit investment in Wilmington, Del.-based Amalgam Rx, software maker for healthcare decision-making. The senior secured term loan provides Amalgam with an initial draw of $12 million for expansion and to refinance existing corporate debt.
“Our investment in Amalgam reflects Catalio’s commitment to backing the next generation of pioneering healthcare companies. Amalgam’s proven track record, scalable platform, and vision for intelligent, personalized care position them as a leader in facilitating high quality care,” said Catalio’s Dr. Nicholas von Guionneau, who joined Amalgam’s board as an observer.
Amalgam said the funding would accelerate scaling of its medical-grade AI solutions, empowering patients and providers in their clinical workflows. The company makes digital products such as digital medicine, patient identification, clinical decision support, and clinical trial recruiting. It also runs a modular platform that integrates with the electronic health records (EHR) workflow. Amalgam says its algorithms and applications support nearly 10 million patients in four continents, and have helped providers make over 50 million decisions.
“Catalio’s deep expertise in healthcare and life sciences, combined with their expansive venture network, makes them an ideal partner as we scale,” said Amalgam CEO Ryan Sysko.
Catalio Capital has an extensive network of life sciences leaders, including its board of advisors and nearly 50 Catalio venture partners – serial scientist-entrepreneurs – who can provide strategic insights to support product development and commercial growth.
Catalio Capital was spun out of investment firm Camden Partners in 2020, with Johns Hopkins alumni George Petrocheilos and R. Jacob Vogelstein, son of famed geneticist Bert, at the helm. Initially established in Baltimore, the healthcare- and life sciences-focused firm sold a minority stake to investment powerhouse KKR in 2023, and named Henry Kravis, co-founder and co-executive chairman of KKR, as chairman of its board of advisers. Its other high-profile investors include Philippe Laffont, the billionaire founder of the hedge fund Coatue Management, Thoma Bravo, Brevan Howard and Stanley Druckenmiller.
Petrocheilos, who serves as the firm’s managing partner, has degrees from Harvard and Johns Hopkins, and previously ran HealthCor and the hedge fund Global Domain. Vogelstein served on the faculty at Johns Hopkins University — teaching at both the Applied Physics Laboratory and the Whiting School of Engineering. He earned a BSc. degree in bio-electrical engineering from Brown University and a PhD in biomedical engineering from the Johns Hopkins University School of Medicine.
In May, Catalio Capital closed a third fund, Catalio Nexus Fund III, worth $381 million. The firm’s portfolio investments this year include Fractyl Health, Cartography Biosciences, Xilis, Anagenex, Character Biosciences, Octant Bio, Pheast Therapeutics, Celsius Therapeutics, Affini-T Therapeutics, PrognomiQ, RefleXion Medical, Sherlock Biosciences, Satellite Bio, Septerna and DNA Script.
