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KPCB, OrbiMed back biggest healthcare tech equity investment of 2013

24 Sep 2013

Practice Fusion iPadKleiner Perkins Caufield & Byers has led the biggest healthcare technology equity investment of the year by backing a $70m Series D financing round for Practice Fusion.

The company, which claims to be the largest healthcare platform in the US, also received backing from OrbiMed Advisors and Deerfield Management as well as previous venture backers Artis Ventures.

The new funding brings Practice Fusion’s total financing to $134m, and will be used to expand its burgeoning electronic medical records business.

Kleiner general partner Beth Seidenberg said, “Practice Fusion is a breakthrough for healthcare providers and patients.

“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.”

Kleiner is currently investing out of its 16th fund, which it held a final close for in May last year on its $525m target.

The firm invests across seed, early and growth companies through investments between $100,000 and $75m.

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