CareCloud Secures $9 Million from Adams Street Partners as Part of Series B Funding Round
Aug 21, 2013 (Close-Up Media via COMTEX) --
CareCloud, a provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, announced it has secured an additional $9 million from Adams Street Partners as part of the Company's Series B financing round.
According to a release, on June 18, CareCloud announced it had secured $20 million in Series B funding, led by Tenaya Capital and included existing investors Intel Capital and Norwest Venture Partners. This additional funding was the result of continued interest from investors to participate in CareCloud's latest round, which is now closed at $29 million, and brings CareCloud's total funding to $55 million.
"We are very excited to have Adams Street Partners invest in CareCloud as part of our Series B funding raise, which received tremendous interest from the investment community. This oversubscription of this round only further validates our business model and opportunity," said Albert Santalo. "We will deploy this capital in an aggressive fashion in order to support our continuing efforts to disrupt the legacy players in healthcare IT. We will continue ramping our investments in R&D to further accelerate the realization of our mission to re-platform healthcare using modern, cloud-based technology."
"We were excited to have the opportunity to invest in CareCloud given the significant interest the company generated during this funding round. We feel CareCloud represents a major disruptive force in healthcare. Their innovative technology is allowing them to address the needs of small independent physicians to large enterprise care delivery organizations as they look to automate their operations and adhere to new industry dynamics," said Jeffrey Diehl, Partner at Adams Street Partners.
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