Healthcare platform Practice Fusion raised USD 70 million for its Series D round. The funding was led by Kleiner Perkins Caufield & Byers, OrbiMed Advisors and Deerfield Management Co. The round was also participated in by Artis Ventures, an existing investor. Practice Fusion dubbed this as the biggest health tech equity agreement for 2013.
The latest round of funding brought to USD 134 million the total capital raised by the healthcare firm. The proceeds of the fundraising round would be used to further enhance Practice Fusion's lead in the electronic medical record market (EMR). It would also be used develop more offerings to patients as well as for research and development.
Practice Fusion Founder and Chief Executive Officer Ryan Howard said Kleiner Perkins' track record of reinventing various industries made the firm an ideal partner in this stage of its growth. As part of the deal, Kleiner Perkins General Partner Beth Seidenberg would join the board of Practice Fusion.
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