Modernizing Medicine, the US-based creator of a cloud-based electronic medical record (EMR) system, has closed $15m of a projected $20m series D round from investors including brand management firm Pentland Group.
Growth equity investor Summit Partners, which invested $14m in Modernizing Medicine in August 2013, participated alongside Pentland. Modernizing Medicine has now raised just over $55m in total, including $12m from a Pentland-led series B round in 2012.
The company’s Electronic Medical Assistant (EMA) is a cloud-based, speciality-specific EMR system that has a library of built-in medical content and is available as a mobile app or on a desktop PC. The system is used by more than 1,400 physician practices across the US.
Following the round, Modernizing Medicine will hire another 100 people and further develop the EMA system.
Daniel Cane, founder and chief executive of Modernizing Medicine, said: ”This latest round of funding reinforces that belief and the strength of our market-differentiating products and services. With the investment we intend to continue focused development in the surgical-specialties, while also committing resources for development in telemedicine, IBM Watson and mobile applications.”