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Summit Partners picks Modernizing Medicine for $14m investment

20 Aug 2013

doctors-operate_sqGlobal growth equity investor Summit Partners has invested $14m in cloud-based electronic medical record system provider Modernizing Medicine.

More than 1,000 physician practices across the country currently use the company’s EMR software, which provides tailored offerings for the dermatology, optometry and ophthalmology, orthopaedic and cosmetic surgery markets.

Summit managing director Mark de Laar, who is set to join the company board following the investment, said, “The time is ripe for technology that transforms the way physicians practice.

“We believe that Modernizing Medicine’s powerful technology, coupled with its exceptional team, is the right combination to disrupt the EMR market.

“We are pleased to partner with Dan, Michael and the exceptionally strong management team to support the company’s continued growth.”

In June venture firm Tenaya Capital led a $20m financing round for cloud-based medical practice management service CareCloud.

Existing backers Intel Capital and Norwest Venture Partners also took part in the Series B round, which took CareCloud’s total financing to $44m.

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