Boca Raton health technology company Modernizing Medicine has received $231 million in funding from a New York City-based private equity firm, placing it among the region’s top investment earners for this year. Terms of the transaction were not disclosed.
Modernizing Medicine develops and sells to physicians’ groups a cloud-based electronic health record software created with the help of practicing doctors. The company was founded in 2010 by Dan Cane and Dr. Michael Sherling and is headquartered at the Research Park at Florida Atlantic University.
The new equity investment from Warburg Pincus, which operates offices in Brazil, China, India and Europe, supplements the more than $90 million Modernizing Medicine has raised to date.
“We see meaningful opportunities for the company’s continued growth and acceleration of existing products and initiatives, and we look forward to partnering with Dan, Michael and the entire management system,” said Warburg Pincus principal Amr Kronfol.
ModMed will use the new funding to work on rolling out new software features, such as additional workflow automation, and invest in data exchange designed to help doctors share clinical information to bolster patients’ health care experiences and improve health care treatments becoming available through telemedicine.