CareCloud, a US-based provider of cloud-based healthcare practice management technology and electronic health records, has secured an additional $9m from private equity firm Adams Street Partners as part of its series B financing round. CareCloud has already raised $20m in Series B funding, led by venture capital firm Tenaya Capital and included existing investors Intel Capital, corporate venturing arm of microprocessor maker Intel, and venture capital firm Norwest Venture Partners.
CareCloud’s series B funding round has now closed at $29m, bringing CareCloud’s total funding to $55m. Intel Capital and Norwest Venture Partners led CareCloud’s $20.1 million series A funding in September of 2011, and the company had two rounds of seed funding in 2010.
Albert Santalo, CareCloud’s chairman and chief executive officer, said: “We will deploy this capital in an aggressive fashion in order to support our continuing efforts to disrupt the legacy players in healthcare IT. We will continue ramping our investments in R&D to further accelerate the realization of our mission to re-platform healthcare using modern, cloud-based technology.”
Jeffrey Diehl, partner at Adams Street Partners, said: “We feel CareCloud represents a major disruptive force in healthcare. Their innovative technology is allowing them to address the needs of small independent physicians to large enterprise care delivery organizations as they look to automate their operations and adhere to new industry dynamics