Modernizing Medicine joined the Unicorn Club after raising multiple rounds, including a $231M Series F in 2017, reaching total funding of $329M. Headquartered in Boca Raton, Florida, United States, Modernizing Medicine provides specialty-specific electronic medical records (EMR) and practice management software, leveraging AI to streamline documentation, clinical workflows, and revenue cycle management for healthcare providers.
Keep reading to learn how Modernizing Medicine scaled its specialty-focused EMR platform.
What Is Modernizing Medicine and What Does It Do?
Founded in 2010 by Daniel Cane and Michael Sherling, Modernizing Medicine is a Boca Raton-based healthcare IT provider offering specialty-specific EMR and practice management solutions. The company employs approximately 1,563 people and delivers AI-enabled EMR (EMA), revenue cycle services, telehealth, and analytics tailored for specialty clinics.
Modernizing Medicine’s EMA platform automates charting, coding, and clinical decision support across dermatology, ophthalmology, gastroenterology, and other specialties. The company also provides telehealth, patient engagement, and analytics to improve clinician efficiency and patient outcomes.
How Much Funding Has Modernizing Medicine Raised?
1. Series F
- Amount Raised: $231M
- Date: May 10, 2017
- Lead Investors: Warburg Pincus
- Purpose: Product scale and M&A to broaden clinical offerings
2. Series E
- Amount Raised: $38M
- Date: Sep 15, 2015
- Lead Investors: Pentland, Sands Capital Ventures, Summit Partners
- Purpose: Growth and product R&D
3. Venture Debt
- Amount Raised: $10M
- Date: Aug 28, 2015
- Lead Investors: SVB (Silicon Valley Bank)
- Purpose: Working capital and expansion
Total Funding Raised: $329M
Latest Funding Date: May 2017
Latest Known Valuation: $1B (as of Jun 2017)
Key Investors
- Warburg Pincus
- Details: Global growth equity investor backing large-scale expansion
- Focus Areas: Healthcare, enterprise software
- Notable Investments: Modernizing Medicine, Avalara (select), other healthcare platforms
- Summit Partners
- Details: Growth equity investor in tech and healthcare
- Focus Areas: SaaS, healthtech, enterprise growth
- Notable Investments: Modernizing Medicine, Uber (select), other growth-stage names
- Pentland
- Details: Private investment firm with healthcare & tech exposure
- Focus Areas: Consumer and healthcare growth companies
- Notable Investments: Modernizing Medicine and retail/consumer investments
- Sands Capital Ventures
- Details: Growth-focused investor concentrating on transformative tech
- Focus Areas: Healthcare IT, enterprise SaaS
- Notable Investments: Modernizing Medicine, Illumio (select)
- SVB (debt provider)
- Details: Bank providing venture debt and financial services to growth companies
- Focus Areas: Tech & healthcare financing
Where Is Modernizing Medicine’s Headquarters?
Modernizing Medicine is headquartered in Boca Raton, Florida, United States, close to healthcare provider networks and specialty clinics.
What’s Next for Modernizing Medicine?
The company plans to expand specialty footprints, integrate value-based care features, enhance AI charting, and grow revenue cycle management and telehealth offerings for specialty practices.
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