CareCloud Corp., an electronic health records company with a presence in Boston, said it has secured $20 million in Series B financing.
The funding round was led by Tenaya Capital and included existing investors Intel Capital and Norwest Venture Partners; this round brings CareCloud's total funding to $44 million, CareCloud said in a press release.
Earlier this year, Miami-based CareCloud opened a Boston office in the city's Innovation District.
"Most of the U.S. healthcare system is shackled with decades-old technology that will hinder us from improving patient care or delivering on cost containment efforts in a rapidly-changing environment of reform," Albert Santalo, CareCloud's chairman and CEO, said in a statement. "This investment validates CareCloud's mission to aim at the heart of the challenge by leveraging the power of the cloud to foster innovation and ultimately replatform the industry. I am very pleased to welcome Tenaya Capital to our strong base of investors."
CareCloud said its cloud-based platform now powers close to 3,000 providers in 45 states as medical groups look to improve their operational and clinical outcomes amidst a rapidly changing health-care reimbursement environment.
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