CareCloud, an electronic health records company with a presence in Boston, said it has secured an additional $9 million from Adams Street Partners as part of the Company’s Series B financing round.
In June, the company disclosed that 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. To date, including this new $9 million, CareCloud has raised a total of $55 million.
In a statement, company chief executive Albert Santalo said: “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. 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.’’
The company said its cloud-based platform currently supports 3,500 providers in 46 states and manages more than $2 billion in annualized accounts receivables on behalf of its clients.
Earlier this year, Miami-based CareCloud opened a Boston office in the city’s Innovation District.