Practice Fusion has announced a $70 million Series D financing round. Led by Kleiner Perkins Caufield & Byers and institutional investors OrbiMed Advisors, Deerfield Management Company and Industry Ventures, with participation by its previous venture capital investors including Artis Ventures, the new funding brings the company’s total capital raise to $134 million.
“In our mission to drive better health and save lives, Practice Fusion has successfully connected more doctors, patients, labs, pharmacies and imaging centers than any other company in the US,” said Ryan Howard, founder and CEO of Practice Fusion. “Kleiner Perkins has a proven record of helping to reinvent industries, including retail, finance and biotech. They’re the ideal choice for Practice Fusion at our stage of growth and, together, we are aligned in the pursuit of transforming US healthcare.”
Practice Fusion’s platform growth has accelerated significantly since its Series C funding in June 2012. More than four million patient visits each month are currently managed on the network, a growth of 75 percent year-over-year. This patient volume has driven expansion of the company’s de-identified data platform, which is now the largest, most comprehensive real-time clinical dataset in the US. In a health technology market facing strong consolidation pressures, the company continues to scale quickly, with one in four doctors choosing an EMR selecting Practice Fusion as their solution. In addition, Practice Fusion has experienced significant revenue growth, increasing 300 percent from 2012.
Practice Fusion also announced today that Beth Seidenberg, MD, general partner at KPCB, has joined its Board of Directors. Dr. Seidenberg brings a successful career in life sciences as the founding CEO of two biotechnology companies and as the former senior vice president and chief medical officer of Amgen, Inc.
“Practice Fusion is a breakthrough for healthcare providers and patients,” said Beth Seidenberg, MD, general partner at KPCB. “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. We look forward to supporting the company’s efforts to improve the delivery of healthcare.”