Miami, FL-based electronic health record vendor with a presence in Boston CareCloud, which provides electronic health records (EHR), and medical billing software and services, raised $20m in Series B financing.
The funding round was led by Tenaya Capital and included existing investors Intel Capital and Norwest Venture Partners. In conjunction with the funding, Stewart Gollmer, Tenaya Capital’s Managing Partner, will join CareCloud’s Board of Directors.
The company intends to use the funds to continue to grow across all business functions, with a particular focus on product development, sales and marketing.
Founded only four years ago by Albert Santalo who describes himself as a technologist, CareCloud is making strides in a market cluttered with hundreds of electronic health records, and where consolidation is most likely to occur. Santalo says the start-up expects to generate more than $10 million in revenue this year, with 3,000 doctors and nurses in 45 states using its product. Customers include a 170 physician practice affiliated with Miami Children’s Hospital, but are typically small clinics.
This round brings CareCloud’s total funding to $44 million.