Intel-backed healthcare cloud storage service CareCloud has received $25.5m in financing from Hercules Technology Growth Capital, a financial institution specialisng in providing venture debt financing for startups.
Founded in 2009, US-based CareCloud provides cloud-based storage for health records and also offers billing services for medical centres and individual physicians.
Between June and August 2013 CareCloud raised $29m in an oversubscribed series B round including Intel Capital, the corporate investment subsidiary of Intel, and venture capital firms Nowest Venture Partners, Adams Street Partners and Tenaya Capital.
Intel and Tenya invested $21m in CareCloud’s series A in September 2011, which followed funding from several unnamed angel investors who contributed more than $7m in 2010. The company has now raised a total of $81.9m since inception, according to reports.
R. Scott Lentz, chief financial officer of CareCloud, said: “This commitment will enable us to accelerate the expansion of our technology solutions and further our strategic objective of providing the industry’s first modern cloud-based platform for healthcare.”