Practice Fusion has completed a USD70m series D financing round, led by Kleiner Perkins Caufield & Byers and institutional investors OrbiMed Advisors, Deerfield Management Company and Industry Ventures.
Previous venture capital investors including Artis Ventures also participated bringing the company’s total capital raise to USD134m.
The investment will accelerate Practice Fusion’s continued leadership in the electronic medical record (EMR) market, expand its offerings to patients and power new clinical data research and development.
"In our mission to drive better health and save lives, Practice Fusion has successfully connected more doctors, patients, labs, pharmacies and imaging centres than any other company in the US," says Ryan Howard, founder and chief executive of Practice Fusion. "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."
Practice Fusion’s platform growth has accelerated significantly since its series C funding in June 2012. More than four million patient visits each month are currently managed on the network, a growth of 75 per cent year-over-year. This patient volume has driven expansion of the company’s de-identified data platform, which is now the largest real-time clinical dataset in the US. In a health technology market facing strong consolidation pressures, the company continues to scale quickly, with one in four doctors choosing an EMR selecting Practice Fusion as their solution. In addition, Practice Fusion has experienced significant revenue growth, increasing 300 per cent from 2012.
Beth Seidenberg, general partner at Kleiner Perkins Caufield & Byers, has joined Practice Fusion’s board of directors.
"Practice Fusion is a breakthrough for healthcare providers and patients," says Seidenberg. "Through my career as a physician, executive and investor, I’ve witnessed the challenges that get in the way of optimal delivery of healthcare. Practice Fusion is a rare platform company, which we believe will have a real impact on health outcomes and cost. We look forward to supporting the company’s efforts to improve the delivery of healthcare."