Modernizing Medicine, a US-based healthcare information management software provider backed by corporates IBM and Pentland Group, received $231m in funding yesterday from funds affiliated with private equity firm Warburg Pincus.
Founded in 2010, Modernizing Medicine produces healthcare information software that has been partially developed by physicians. It uses adaptive learning and automated outputs to improve functions such as telehealth, data analytics, and practice and revenue cycle management.
The company’s flagship product is a mobile, cloud-based electronic health record system called EMA which is designed for specialty health practices such as dermatology, gastroenterology, ophthalmology, orthopaedics, plastic surgery, rheumatology and urology.
The investment will give undisclosed existing investors liquidity, the company said, without going into further detail.
Modernizing Medicine also intends to use the funding to execute strategic plans that could include the addition of an e-commerce platform and the pursuit of data exchange as part of the platform.
The Warburg Pincus investment follows $87m of earlier venture funding, Modernizing Medicine having closed a $38m series E round in 2015 that included brand management firm Pentland as well as Summit Partners and Sands Capital Ventures.
Pentland had previously led the company’s $12m series B round in 2012 before returning for a $20m series D that closed in early 2015, and which included Summit Partners and computing firm IBM.