CareCloud, a US-based developer of integrated clinical and financial technology, closed a $31.5m series C round yesterday featuring chipmaker Intel and payment technology provider First Data.
Growth equity firm Blue Cloud Ventures led the round, which included financial services firm PNC as well as Norwest Venture Partners (NVP), Tenaya Capital and Adams Street Partners. Intel invested through its Intel Capital subsidiary.
Founded in 2009, CareCloud provides cloud-based technology designed for medical groups, particularly those specialising in cardiology, general surgery, orthopaedics, dermatology, ophthalmology, neurology, internal medicine, urology and family medicine.
Businesses use CareCloud’s software and analytics to manage operations in four key areas: billing, physicians’ practices, electronic health records and patient engagement.
CareCloud will use the proceeds from the financing to grow its team and scale up its clinical and financial platform.
The company has raised more than $130m in debt and equity financing since it was founded, a spokeswoman for the company confirmed to Global Corporate Venturing. Its last round closed at $16.9m in July 2015.
Intel Capital took part in a $20m series A round for CareCloud in 2011 that included NVP, which is solely funded by financial services firm Wells Fargo. They were joined by Tenaya and Adams Street for a $29.3m series B round two years later.
James G. Graham, head of treasury management at PNC, said: “The healthcare sector is evolving quickly, especially with respect to patient engagement and consumerism.
“Our team brings to bear deep industry knowledge and sophisticated treasury management capabilities for our customers. Aligning with CareCloud will help both of us continue to lead the way with physicians’ practices and patients.”
– Image courtesy of CareCloud Corporation