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Modernizing Medicine raises $38M

Total venture capital raised: $87M so far
By Bernie Monegain

Modernizing Medicine, which created the Electronic Medical Assistant, a cloud-based, specialty-specific electronic medical record system, has closed a $38 million Series E financing, bringing total capital raised to approximately $87 million.

[See also: Modernizing Medicine lands $14M.]

Pentland Group, Summit Partners and Sands Capital Ventures participated in the funding round.

Earlier this month, Modernizing Medicine completed its acquistion of g-Med.

The acquisition gives Modernizing Medicine 18 percent of the gastroenterology market, according to the Miami Herald. Modernizing Medicine also recently launched into urology.

[See also: IBM invests in cloud EHR company.]

"While our dedication to the specialty-specific provider market is evidenced by sizable accomplishments – including four No.1 EHR Black Book Rankings for dermatology, orthopedics, otolaryngology and gastroenterology – there still remains an opportunity to improve efficiencies and outcomes for physicians and patients alike," said Daniel Cane, co-founder and CEO of the company, in a press statement.

"We greatly appreciate the vote of confidence in the future growth of Modernizing Medicine," he added. "While our dedication to the specialty-specific provider market is evidenced by sizable accomplishments – including four No. 1 EHR Black Book Rankings for dermatology, orthopedics, otolaryngology and gastroenterology – there still remains an opportunity to improve efficiencies and outcomes for physicians and patients alike."