Boca Raton, Florida-based Modernizing Medicine has raised $38 million in equity, security and options, according to an SEC filing. Investors that contributed to the round included Pentland Group and funds affiliated with Summit Partners and Sands Capital Ventures, the company said in a statement. This brings the company's total funding to around $87 million.
Modernizing Medicine makes a mobile-based electronic medical record, called EMA (electronic medical assistant), targeted at specialists. They use aggregated, deidentified data to create population-level insights that are then delivered back to the physician.
The company said this system is available for several markets including dermatology, ophthalmology, orthopedics, otolaryngology, gastroenterology, urology, and plastic surgery and is used by more than 9,000 providers in the United States.
“We greatly appreciate the vote of confidence in the future growth of Modernizing Medicine,” Daniel Cane, co-founder and CEO of Modernizing Medicine, said in a statement. “While our dedication to the specialty-specific provider market is evidenced by sizable accomplishments ... there still remains an opportunity to improve efficiency and outcomes for physicians and patients alike.”
In the company's previous funding round, announced in March, Modernizing Medicine received an investment from IBM through its $100 million fund to seed Watson innovations.
At the time, the company said it was developing a new app as part of IBM Watson’s ecosystem project, called schEMA, which will build on the work EMA does with aggregated EHR data, but add in Watson’s ability to parse unstructured data to give medical specialists the best data on treatment options for their patients.