US-based healthcare IT company Carecloud closed a series A round of funding on Tuesday worth $20.1m, led by corporate venturing unit Intel Capital with investment firm Norwest Venture Partners also participating. The figure includes the conversion of $3.8m from debt to equity.
Carecloud previously raised more than $7.3m over two seed rounds in 2010, garnering investment from several unnamed angel investors. It provides applications which unify clinical, financial and administrative management into a single cloud computing platform.
Lisa Lambert, vice president of Intel Capital, said: “Healthcare is being transformed by technology. CareCloud’s vision treats healthcare and its participants as an ecosystem – an integrated environment where all participants share a common commitment to reducing inefficiencies and providing excellence in healthcare through effective use of secure cloud computing, mobile computing and social networking technologies. We are excited to work with CareCloud and deliver innovative healthcare technology solutions to the marketplace.”
Carecloud could be set for additional corporate venturing interest in the future after finishing as a runner-up in computing conglomerate IBM’s SmartCamp competition last year.
Claudia Fan Munce, managing director at IBM Venture Capital Group, commented: “We recognized CareCloud’s innovation early as a winner of IBM SmartCamp Silicon Valley last year. And now, after an impressive round of funding, the company is poised to be a major driver of change in healthcare. IBM has been working closely with CareCloud and we expect to deepen our business relationship.”