CareCloud, US-based provider of cloud-based practice management for medical groups, has secured $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.
This latest round brings CareCloud’s total funding to $44 million. 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.
The series B funds will support the company’s growth across all business functions, with a focus on product development while also bolstering sales and marketing capabilities.
Albert Santalo, CareCloud’s chairman and chief executive officer, said: “Most of the U.S. healthcare system is shackled with decades-old technology that will hinder us from improving patient care or delivering on cost containment efforts in a rapidly-changing environment of reform. This investment validates CareCloud’s mission to aim at the heart of the challenge by leveraging the power of the cloud to foster innovation and ultimately replatform the industry.”
Stewart Gollmer, Tenaya Capital’s managing partner, who will join CareCloud’s Board of Directors, said: “Technology will play an increasingly significant role in the transformation of how healthcare is delivered and paid for in this country. It’s clear that the current solutions are either decades old client-server technology or outdated web-based architecture. CareCloud and its modern platform represent a tremendous opportunity to bridge the technology gap that plagues the healthcare ecosystem.”