CareCloud, a US-based health administration technology provider backed by semiconductor technology manufacturer Intel, raised $15m in series C funding yesterday from undisclosed existing investors.
CareCloud supplies cloud-based software and services for practice management, electronic health records and medical billing.
The funding, which will support product development, was revealed in conjunction with the hiring of Ken Comée as CEO. Comée has been a board member of CareCloud since 2012, when he was an executive-in-residence for venture capital firm Norwest Venture Partners.
Norwest initially invested in CareCloud alongside Intel’s corporate venturing unit Intel Capital in a $20m series A round in 2011, and the two joined Tenaya Capital and Adams Street Capital for a subsequent $29.3m series B round in 2013.
CareCloud has raised just over $97m in debt and equity from investors also including Dot Capital and Hercules Technology Growth Capital, who provided it with $25.5m in credit in June 2014.
Comée said yesterday: “Regulatory considerations once drove many purchasing decisions. Today, large ambulatory medical groups demand a true platform of choice that offers superior ease of use and better business results in support of patient care.
“As the first quarter of 2015 demonstrated, no company is better positioned than CareCloud to lead the charge in replacing legacy systems. I look forward to leading this team in support of that mission.”