US-based healthcare IT services provider MedCPU closed an $8m series B round yesterday that included a $5m equity tranche co-led by pharmaceutical company Merck’s Global Health Innovation Fund.
Venture capital fund New Richmond Ventures co-led the equity tranche with Merck, while venture finance firm Silicon Valley Bank provided an additional $3m in debt financing.
Founded in 2009, MedCPU is the creator of a platform that analyses electronic medical records and matches them to data on best practices in order to make real-time treatment recommendations for patients.
The company plans to use the latest funding to grow its market share. The platform is currently being used by some 20,000 healthcare professionals and a range of healthcare service providers.
MedCPU previously raised $9.3m in a May 2014 series B round backed by Merck, New Richmond and Easton Capital Investment Group. It also secured $1.3m in debt financing in 2011 and $300,000 in equity funding in 2013, according to regulatory filings.
Sonia Ben-Yehuda, president and co-founder of MedCPU, said: “We are driven by the confidence of our financial partners to further achieve our vision of changing the face of clinical decision support as it is known today.”