Practice Fusion Receives Significant Venture Capital
The San Francisco-based free electronic medical record (EMR) provider, Practice Fusion received $70 million in Series D financing, the company announced this week, bringing its total capital raised to $134 million.
The latest round of investments comes from Kleiner Perkins Caufield & Byers (KPCB) and institutional investors OrbiMed Advisors, Deerfield Management Company and Industry Ventures with participation by its previous venture capital investors including Artis Ventures. Practice Fusion has been the source of significant venture capital in the past, in 2012, its $34 million deal was one of the largest of the year.
“In our mission to drive better health and save lives, Practice Fusion has successfully connected more doctors, patients, labs, pharmacies and imaging centers than any other company in the US,” Ryan Howard, founder and CEO of Practice Fusion, said in a statement. “Kleiner Perkins has a proven record of helping to reinvent industries, including retail, finance and biotech. They’re the ideal choice for Practice Fusion at our stage of growth and, together, we are aligned in the pursuit of transforming US healthcare.”
Since then, the company has grown its platform, launching a site that allows patients to book an appointment, read a review of a doctor, and view their personal health record. The company claims that more than four million patient visits each month are currently managed on the network, a growth of 75 percent year-over-year.
Along with the venture capital news, Practice Fusion announced Beth Seidenberg, M.D., general partner at KPCB, has joined its Board of Directors.
