CareCloud Raises $20 Million In Crowded Market For Electronic Health Records

CareCloud, a Miami, Fl.-based electronic health record vendor which delivers applications over the internet, announced it raised $20 million in series B funding. Tenaya Capital, a technology venture capital firm, led the investment which included returning investors Norwest Venture Partners and Intel INTC +1.21% Capital. The round brings total funding to $44 million. Competitors Practice Fusion and Kareo have raised a total of $70 million and $40 million respectively, in more advanced stages of funding.

Founded only four years ago by Albert Santalo who describes himself as a technologist, CareCloud is making strides in a market cluttered with hundreds of electronic health records, and where consolidation is most likely to occur. Santalo says the start-up expects to generate more than $10 million in revenue this year, with 3,000 doctors and nurses in 45 states using its product. Customers include a 170 physician practice affiliated with Miami Children’s Hospital, but are typically small clinics.