CareCloud, a provider of cloud-based practice management, electronic health record and medical billing software and services, has announced $9 million in additional funding from Adams Street Partners, a private equity management company.
The additional funds come as part of CareCloud's Series B funding round. The company had previously announced $20 million in Series B financing June 18, and currently has $55 million in total funding.
"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," said Albert Santalo, president and CEO of CareCloud, in a news release.
CareCloud's cloud-based platform is currently used by 3,500 providers in 46 states.
Though growing rapidly, CareCloud still faces stiff market competition from McKesson Technology Solutions, Dell and CareFusion.
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