XIFIN Closes $6 Million Venture Round; New Funding Positions XIFIN To Aggressively Address Clinical Labs' Billing Problems

San Diego, Calif.--(BUSINESS WIRE)--Oct. 12, 2001--

XIFIN Inc., today announced that it closed on a $6 million round of venture funding.

The company will use proceeds to strengthen its sales, marketing and installation resources supporting the commercial launch of its Accounts Receivable management offering.

Large billing operations, in particular those in clinical laboratories, are in crisis. Bad debt, delayed payments, staffing costs and regulatory compliance problems are at an all time high. XIFIN, a second-generation application service provider, is taking on these problems with an offering that combines sophisticated information management technology with essential transaction services enabling a virtual outsourcing of the entire business processes.

"Continued investor support during a down-market is further validation of our business model," said Lale White, CEO and founder of XIFIN." With over four years in development and new funding we're well-positioned to aggressively introduce the first new approach to billing management for clinical laboratories in over 10 years."

Windward Ventures led this round, and was joined by earlier investors, which included Enterprise Partners and Boulder Ventures.

About XIFIN Inc.

XIFIN Inc., based San Diego, Calif., is an Application Service Provider (ASP) focusing on the financial management needs of laboratories. Their initial offering is a fully compliant, Web-based order entry, accounts receivable and financial management system and transaction services for clinical laboratories. The system is designed to address the three most significant challenges facing billing operations: errors, compliance, and costly systems and processes. Through e-Automation™, all routine transactions are automated -- from order entry through payment posting -- lowering costs while improving quality and reliability.

About Windward Ventures

Windward Ventures is a venture capital partnership organized in 1997 providing capital and management assistance to early stage, high growth companies in Southern California. www.windwardventures.com.

About Enterprise Partners

Enterprise Partners is a Southern California venture capital firm organized to make investments in privately held early stage and emerging growth companies. www.epvc.com.

About Boulder Ventures

Boulder Ventures, Limited manages venture capital funds dedicated to helping start-up, early stage and emerging-growth companies in information technology and life sciences. www.boulderventures.com